COBRA, or "Continuous Offset Based Rockin' Audio". When activated, JAGUAR demodulates the audio from the highest peak offset found around the nominal frequency; the peak carrier frequency can vary all the time. COBRA can also be locked to any currently-playing offset frequency.
COBRA has nothing to do with SYNC detection, found in traditional receivers. The SYNC detection mode helps if the wanted station fades a lot, keeping that specific station "spot on" as much as possible. On the contrary, COBRA forgets that station and selects a new carrier for optimal playback.
COBRA can be used for "general listening" if you want to optimize the audio from each station that temporarily fades in. However, often at first, DXers spot visually the most interesting carrier and tune in to that offset manually (that carrier may or may not be among the strongest ones).
ALT-C can be used to rotate the COBRA modes: ACTIVATED > LOCKED > COBRA OFF.
The COBRA modes can also be rotated by clicking TOOLBAR > COBRA.
When COBRA is activated, its icon color is green and you will see the "COBRA ACTIVE" message on STATUSBAR. When COBRA is locked, the icon color is red and you will see the "COBRA LOCKED" message on STATUSBAR. When changing a frequency while the icon color is red, COBRA will automatically lock itself to the strongest carrier peak on the new frequency.