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You asked how to change the ink tanks before the red light is flashing, to do so you need to open the scanner and press the ink button. The cartridges should then move to the replacement position. The link below covers the entire process. http://files.support.epson.com/htmldocs/cx42__/cx42__00ug/maint2.htm#wp1020272
However, before you change the cartridge it would be worthwhile to try a printhead cleaning and then an alignment. The links below cover each of those processes.
For the printhead cleaning.. http://files.support.epson.com/htmldocs/cx42__/cx42__00ug/wwhelp/wwhimpl/common/html/wwhelp.htm?context=Epson&file=maint.htm#wp1021512
And for the alignment. http://files.support.epson.com/htmldocs/cx42__/cx42__00ug/wwhelp/wwhimpl/common/html/wwhelp.htm?context=Epson&file=maint3.htm#wp1020348
If you get stuck or run into any further issues you are welcome to respond.
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Ive just seen your reply.
Its not the stop button, but the ink button you have to press. If you read over this page, it shows the location and visual appearance of the ink button.
If you already cleaned the heads and ran the alignment and it didnt help. Then you definitely need to replace the ink tanks.
If you get stuck or have further questions, let me know.