A prettier version of this can be seen on Chris Gordon's Homepage.
The following two examples are of the Victorian Signalling system, as explained to me by a PTC signaller. The top example is used on long signalling sections where trains run a fair distance apart at higher speeds. The lower example shows the system used on short signalling sections where trains run frequently and closer together.
G Y R R G
___Train_2-->__R_______R_______R_______R___Train_1-->__R
G Y R R G
___Train_2-->__R_____G_____Y_____R___Train_1-->__R
Explanation of Signal Aspects
Green
Red Clear, Normal Speed
Yellow
Red Normal Speed, Warning
Red
Green Clear, Medium Speed (40kmh)
Red
Yellow Medium Speed (40kmh), Warning
Yellow
Green Reduce to Medium Speed (40kmh)
Red
Red Low Speed, Warning
Yellow
Red
Red Stop
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