Each CoaXPress board has one Tri LED per link. Tri LED1 refers to VFG0, Tri LED2 refers to VFG1 etc. Typically all boards flash together if one camera is connected.
Note the following color/flash rate meanings
Blinking Red – Problem with the PCIe interface
Blinking Blue – Looking for a link to see if it needs power
Solid Blue – Link is powered, but not aligned
Blinking Green – Link is aligned and receiving packets
Solid Green – Link is aligned