What does this arrow signal indicate when flashing?

• Drivers must come to a complete stop and not turn in the direction of the arrow.
• Drivers can turn in the direction of the arrow without yielding to oncoming traffic.
• Drivers must proceed straight ahead and not turn in the direction of the arrow.
• Drivers can turn in the direction of the arrow but should yield to oncoming traffic and pedestrians.
  Explanation:

  "A flashing yellow arrow signal allows turns in the direction of the arrow, but drivers must yield to oncoming traffic and pedestrians."