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A lunar aspect (white signal) can be used for any number of things, depending the signal it is displayed with. The particular meaning for that signal location would normally be in your Employee Timetable. Just as Tim says, as used here, red over lunar, it is probably a restricted speed indication, especially if the red is flashing.
JOhn Oldrailfan Railfan means anything on rails! Trains Trolleys Rollercoasters - you name it.
It's not something you see every day IRL, but that's perfectly normal for FBL if you ask me. Tim Frost NVTA Subway routes for BVE: The Union Atlantic Railroad: Your stuff's important!