What does this traffic sign indicate?

The traffic sign you see indicates a level crossing ahead. In Germany, this sign specifically alerts drivers that there is a railway crossing approximately 160 meters in front of them.

The two red diagonal stripes signify that it is a warning sign, indicating caution and that the driver should be prepared to stop if necessary. It's important to be aware of this sign and its distance marker so that you can approach the crossing safely, allowing time to react in case a train is approaching.

Being attentive to such signs is crucial for ensuring safety on the road, particularly when driving near railway tracks.