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There is an 8mm bolt on the front of the guard. Loosen/remove this and the central guard mount will drop slightly. Behind the metal guard is a slide lock for the blade spindle. Push the lock bar and turn the blade untill it catches and is held solid. Then remove the blade fixing bolt and bobs your uncle. Alternativly, with all mitre saws, you can just pop an old bit of wood on the work base and then use the spannrer/allen key supplied to turn the blade so it bites into the wood as if you are trying to cut it. This will hold the blade steady and you will also be turning the bolt in the right direction.
Remember that on a circular saw, the bolts are typically left-handed thread so it is the opposite of a typical bolt. This is because the blade spins to the right so if a normal bolt was used it would loosen as the saw operates.
Most circular 7-1/4 saws have a bolt and a compression washer that acts as a brake shoe that holds the blade secure but under dire circumstances will allow the blade to slip some rather than hold the motor shaft and allow burn out. The compression washer under your bolt has become worn and doesn't grip the blade securely. You can find a split washer that will fit under the blade and give you some more friction, or go to sears and order another compression washer for your saw.In the Sears Parts List found at: http://www.searspartsdirect.com/partsdirect/part-model/Craftsman-Parts/Saw-Parts/Model-32018780/0247/0744410/50035950/00001?blt=06&prst=&shdMod=
most mitre saw bolts that hold blade are left hand thread. If you overtightened you might have to use extra force to loosen, on occasion I have had to use an impact wrench to loosen.
First, there is no blade lock button on the Skil model 5150. I called the Skil customer service and they emailed me the exact manual for this circular saw. The method I used to loosen a VERY TIGHT blade stud was: spray with WD-40, imbed the blade in scrap wood, set Skil wrench (usually found in back of foot under handle) on so it could be struck going in counter-clockwise direction. Use hammer to strike handle of wrench a couple of times. To replace blade, finger-tighten blade stud, then use wrench to tighten 1/8 turn or (45°).
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