How can I tell if my car is out of time
Any knocking noise is bad news, it usually indicates a major loss of oil pressure, and that can ruin an engine in very short order. I recommend you stop running it, have it towed to shop of your choice and get it checked out, hopefully it has been caught soon enough that if there is engine damage it confined to the top end. I'm wishing you good fortune on this one.
Knocking could be your hydraulic valve-lifters, one of the causes for this is very low oil pressure. When the light flashes on it indicates that the oil pressure is 10 PSI or less.. If the engine has the proper amount of oil, the low pressure could be caused by a clogged oil filter or a defective oil pump..also one or more shell bearings could be completely worn out.. .
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