Brand new MMM just flashes red on start?

[megadork]

I'm trying to calibrate my brand new v2 MMM. I've never done one of these before. I have a 5s TrueRC lipo.

I'm holding my Spektrum DX3r transmitter full throttle. I turn the MMM on. It flashes green and red. The MMM beeps five times like its supposed to configured for Auto lipo cutoff. The MMM is flashing red lights very quickly. It never beeps telling me to calibrate breaking settings.

What am I missing?