47-55.1 Universal Turn Signal

[leegreen]

The last one of those I played with had a single indicator bulb that moved with the stalk, left (green lens), right (green lens) and centered + pulled out was a red lens and activated 4 way flash. The mechanism of the switch made a different set of contacts when you pulled it out.
Other version had a red knob for 4 way, it worked by sliding the whole switch assembly onto a new set of contacts as well.

Maybe your mechanism is not assembled quite right and the 4 way contacts are touching when the stalk is centered.