I've noticed a drop every now and then on the garage floor and am wondering if there is an alarm light for low fluid or easy way to find out the level.

 

There is no alarm level. It is possible that your tranny was overfilled at the factory and is blowing some out the vent on top. The easy way to check is to jack up the car and place on stands at level. There is a fill hole on the top right side of the transmission case. Open it, if fluid come out then it was overfilled let is drain. Wipe off the case and replace the fill plug. If nothing comes out then stick your little finger in the hole and the fluid should be just at the bottom of the hole. If not then you may have a leak. Fill to the bottom of the hole with the proper ATF close and take it to the shop to determine where the leak is.

Some common areas for leaks is the input shaft main seal. Leak should be located at the front of the tranny dripping off the bottom front of the case. This leak usually gets worse. I had this problem. The other and appears to be more common is the leak where the tranny and differential connect. Another is a thin spot in the casing that is allowing ATF to weep through the case itself. If this is the case then only replacing the tranny will repair it.

If your car has some miles on it 15K+ and you don't have a leak you should consider changing the fluid and differential oil since you already have the car jacked up. I recommend the Redline D4 ATF for the tranny and 75-90 Gear oil with the limited slip additive for the diff.

Good Luck.

 

Your rear-end (differential) could also be leaking!

 

True, but you can easily tell by the color and viscocity of the fluid that's leaking. red and light/gritty = trans. fluid ; dark green/purple/brown and thick = rear end fluid.

I agree that your trans. might have been overfilled at the plant. If the leak is not a consistent one, that is :)