but my question is :is the red and black speed limit indication accociated with current flap position or the flap handle indication
Both are taken into account by the SMYD,just that the flap lever position is used by the FSEU to detect TE flaps uncommanded motion(UCM)and as pub user said when to display the upper speed limit.
The red and black(mini maneuver/stall shaker)is calculated by the SMYD which uses many sources for calculation such as thrust setting,use of engine anti ice,(DEU), angle of attack(ADIrU),info from the FSEU(LE assymetry,UCM),TE flaps ACTUAL position from the proximity sensors,TE flaps LEVER position via sensors...all these to get the highest BiAs and the red black is then displayed.
The FSEU is using both flap lever handle position and actual flap position to give you info on the indicator,if they dont agree for example the indicator will stop and you will have a TE disagree scenario,same for an assymetry....
The important thing to remember in your scenario is that the speed limit is not sufficient at all for checking proper flaps deployement.
The TE flaps are manually selected by you and a cable will give info to the CPU,the CPU will then order the PDU(power drive unit) to use hydraulic to move the torque tubes that drive the flaps down.
The mechanical input command for TE will also move the LE control valve.
So if you have Hydraulic power and the TE flaps dont move on the indicator,you will follow the disagree checklist.
The electrical motor of the PDU should get the flaps down.....if the flaps still dont come down,then as BOAC said you are a test pilot.
I would highly consider,in that case the failure of the indicator a probable cause and check the CB..possibly reset it.
If that doesnt work and if the LE flap /slat agree with your TE flap lever position,and your thrust versus pitch...i would configure for flaps 15 and add 10 kts to VREF in case you were in icing for maneuver issues...
Landing distance flaps 15 is about the same as 30.