Engine stutters and bogs down at WOT

[fishnow12]

I have a 2007 Yamaha F25. I noticed that when I go to wide open throttle the engine stutters and bogs down. Also the red warning light comes on. If I throttle down to 3/4 of full throttle no problems. I can't figure out what the problem is. I have:

changed the spark plugs
changed the oil and filter
replaced the fuel filter
bought new gas
changed the gear oil
removed and inspected the propeller

After doing all this I still don't know what the next step should be. Any ideas or opinions? Thanks.

[99yam40]

find out why the red light is coming on

overheat maybe
or oil pressure