Traction control is available from 0 to 25mph, unless the tracks slight is on. No big deal, unless there is snow, ice, or water on the road and you are accellerating from a stop.
It is good practice to check your instrument lights once in a while by turning the switch to on and making sure all of your warning lights work. Except the service light of course(that should be unplugged!).

Klaus
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(V♂LV♂s 1995 854T, 1998 V70R)

It's tied in with the ABS system. Look up ABS here and you'll find that most have had Victor Rocha rebuild theirs. This will solve your TRACS issue as well. I'm surprised your ABS light isn't coming on as well. Maybe it's burned out? Does it light up (along with all of the lights) for a second when you start your engine, like it's suppose to?
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1998 S70 T5 Emarald Green Metallic, 2004 V70 2.5T Ruby Red, Previous Owner of Black '94 850 Turbo Wagon. My cars have been running so well lately they've got me worried.