1988 Merc 150 XR4 Alarm sounding

[jetco]

My 1988 XR4 has a constant alarm sounding. The remote oil tank is full, the engine mounted tank is full. All caps are tight.
Is the alarm only for the oil or is there another system that can activate the ALARM? When running the motor smokes so it is getting oiled, HELPP!!!!

[MTCM]

Continuous Beeeeeeeeeeeeeeeeeeeeeeeeeep............ is High Engine (cylinder head) Temperature Alarm. Check overheat Temperature Sensor (starboard cylinder head). Check Temperature gauge and sender (if you have one) (normally on the port cylinder head), to validate alarm.

Beep beep beep beep................ is Oil related alarm.

Alarm Module failure will also generate an alarm.