1992 Toyota Supra automatic transmission

I would sugggest starting with checking for trouble codes. Is the OD light blinking when in operations?

No O/D light is fine as far as I know. I drive with the O/D on as instructed by owners guide. I just recently fixed a check engine problem mass air flow). Everything was fine after that. The car did sit up for an extensive period of time before drive old enough to drive. I was told to do a maintenance check before I start thinking "big bucks".

If the vehicle had been idle for an extended period of time, one or more of the solenoids could be sticking and I would suggest giving the vehicle some running around and have the fliuds replaced if the condition is not too good.

I've been driving it around. It had 174500 approx miles when I started driving everyday. But make sure I'm undernding replace the fluids/filter and drive around to lubricate those solenoids and hope that fixes

Filter is maintenance free strainer and if it is badly clogged, that could mean trouble.

Ok my next question is does the transmission have a modulator

It depends on what you mean by modulator.

The controls for pressure lines are done by the valve body which are controlled by the engine computer sctivating and deactivating some shift solenoids.

Also my transmission fluid is no longer the red color it is suppose to be, it is brown. Doesn't that mean my transmission experienced heat or just age.

If it is brown but clear, it is aged but it it brown and is similar to chocolate, its condition has badly deteriorated.

Heat would turn the fluids dark, with a tinge of black.

I'm not sure what i mean by modulator. I was told tthat automatic transmission have them and when I think to maintenance it replace that as well .

The automatic transmission does not require much attention except for the regular fluid changes unless something has gone wrong which requires diagnostics to find out the cause.