4x Beep and oil/engine symbol on smartcraft

[BarflyRIB]

hi - last week I had an alarm on my smartcraft linked to a 2002 Mercury 200 - I got beep beep beep beep in combination with oil/engine symbols - getting home I saw in the manual that there is something wrong in oil injection system
Anyone had this also occured?

I checked the oil tank in the engine and this one is almost full (one inch below the closing cap)

Are there a couple of points to follow how to check the error?

[Turbodiesel]

First thing to do is to get the engine oil tank right up to the top. So take the cap off, run the engine until its just about to pour out of the top. The engine tanks a pretty sensitive so they need to be brim full. Give that a try and see if it cure's it.
It might not be an oil level fault but its an easy fix, other than that you will probably need to plug it into a laptop for a check up.

[BarflyRIB]

today I did some tests
when pulling out the sensor, the smartcraft still beeps

when pull out one of the 2 wires of the sensor, the smartcraft still beeps

I checked the oil tank by letting some oil out and saw the magnet - I could easily move it up and down - doing this while the sensor was on an Ohm meter, I get 00.5 value (measured at 200)
Also when the key was on, I get the magnet to the top and the smartcraft was still beeping...

So conclusion, the sensor is not dead and the magnet still works... Or is the value too low? Buying a new tank and sensor will resolve the problem?

Anyone knows what the value must be of the sensor?