COBRA = "Continuous Offset Based Rockin' Audio". When activated JAGUAR demodulates audio from the highest peak frequency found around the nominal - the peak frequency can vary all the time. COBRA can be also locked to currently played offset frequency.
ALT-C can be used to rotate COBRA modes:
ACTIVATED > LOCKED > COBRA OFF.
COBRA modes can also via rotated bly clicking TOOLBAR > COBRA.
When COBRA is activated the icon color is green and you'll also see "COBRA
ACTIVE" message on STATUSBAR. When COBRA is locked, the icon color is red and
you'll see "COBRA LOCKED" message on STATUSBAR.
COBRA automates the tuning process picking up the exact offset for producing
the best possible audio for the currently dominating station. However in
hardcore DXing you are often more interested in the station(s) behind the
currently strongest station, in those cases you should keep COBRA OFF and tune
to the desired offset manually.