I don't know this radio individually, but heres the common thing that happens:
Sounds to me like the 8 volt regulator chip has blown after overvoltage. I expect the power supply has gone too, putting 18+ volts into the radio.
Repair the power supply. (Check its 13-13.8 Volts).
Then check the regulator (7808) is putting out anything, should be middle pin ground then 13V one side and 8V the other, if nothing, its blown. Replace it if gone.
Hopefully thats all thats gone and it should work again.
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Borrow or buy a volt meter (DVM $10) and check the terminals ( + & - ) of battery contacts with charger plugged in radio & AC outlet.
Reading of 6.5vdc minimum, with batteries 6.0vdc. Charge minimum of 14hrs. Test op. No power, DVM each battery in radio while transmitting(pressing 'Talk') to ID witch or all batteries bad.
It is possible your Code for transmit is different than your Code for receive. Cobra makes so many models, you are not giving enough information. Also, Transmit takes a LOT of power, so even if everything is setup, if your batts are weak or old, the radio will receive, but not transmit. Also check your antenna, make sure it is tight and NEVER transmit without an antenna. Yes, all lights will work even with old batteries.
? I assume you are asking if you need an ariel antenna for this radio in order to receive and transmit? if that is the case then yes you do, Any radio requires a matched antenna in order to transmit, if you were to transmit without an antenna, most of the RF energy will transfer back into the radio and over heat "burn out" the output transistors. always make sure to have a proper antenna connected before transmitting on any radio.
you have a antenna problem or coax problem the light coming on means your swr reading is too high. find you a cb shop they will adjustyour antenna for around 10.00 bucks... if yourepeatedly talk on it it will burn up your radio...