Yes, you're all set. Don't worry about the flashing lights, these show that the Miles Tracker is connected and has started talking to us.
The Miles Tracker and the app will automatically connect with each other after your car's first journey.
Your first journey should appear in your timeline around 40 minutes after it has finished.
The different colours (red, amber, green) is just our Miles Tracker's way of happily pretending it's at a traffic light disco.