The 3 lights have to do with the pop bumper levels, they just go up in value with each pop bumper and once you cash in the piston (dead end target), it awards points.
On all models, if you have the piston / fuel x2 multiplier going, the spider insert should flash and get quicker the closer it comes to ending. Hit it again to reset the 20 second timer.
As far as the MB x2 multiplier, I haven't noticed any indicators. I always try to keep a 20 second clock in my head. Complete the 4 pick targets again to reset that 20 second timer.
You can conceivably keep 4x multiplier going indefinitely during MB.