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Odds are, the amp and/or the balun on the antenna are fried.
Best thing to do is to assume any part is bad until you can prove it isn't. Once you get to a part that you cannot prove is good, then you've probably found the pad part.
The red light just means the power supply is still working, nothing more. Bypass the amplifier at the antenna and at the inserter and see if some measure of signal improves. If it does, the amp is a goner.
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