The Power Light is on, the Loop Indicator Light is off, and the Fence Transmitter loop alarm is sounding.
Make sure both ends of the Boundary Wire are plugged into Boundary Wire Terminals and that 1.3 cm of the insulation is stripped so that the copper wire is exposed. Check the fuses in the transmitter to be sure neither has blown. If the fuses are both intact, perform the Short Loop Test to determine if the Fence Transmitter needs to be replaced or if the Boundary Wire is broken.
If the Fence Transmitter is functioning properly, then you likely have a break in your Boundary Wire. See How Do I Locate a Break in the Boundary Wire? for more information.