Check/clean the carriage sensor. This part is under the head/ribbon holder assembly. You should also check the tensioner to the black guide/railings when the carriage assembly runs. This is the one with the gear.
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Is this a networked printer? You may need to reload the print driver into your computers. Most printers are generic enough that computers will recognize them and automatically install the drivers. Sometimes you need to go to the manufacturer's website and download the drivers you need.
Your Oki model does not need drivers, for they are already contained since Windows 98 and up. However, if it still doesn't work, check that the printer emulation is set to IBM and then install a new printer using the IBM Proprinter II/III driver, also contained in Windows.
We swapped out the printer for another one we had in the office that was working. The new printer also got the alarm light. From that we concluded that it was a bad serial card. We swapped the serial card from another printer, and the original printer started working perfectly. Now we just need to find out where we can purchase another serial card, as we have no more 'spares' around here.
Check the receive buffer on the Oki. I usually set it to the highest (88k or 128k). You might also check the print head gap if you are printing multi part invoices. If the print head is too close it may overheat and stop printing. If you have a different printer, swap it out and see if it prints correctly. It may be a problem with the JetDirect 170x, not the printer.