The valve on the outside of the pressure switch may look something like the one in the image.
Compressor drain valve leaking.
Drain the air tank from the drain valve.
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To fix the air leak caused by a faulty drain valve there are three choices.
You can try to clean out the old one.
If the check valve is now.
I would recommend replacing the valve and using some thread locker when you install the new one.
Clean the regulator body air piston spring and cap with wd40.
Besides the drain valve is relatively easy and inexpensive to fix.
Clean the regulator 4.
Unloader valve is leaking air when the air compressor reaches the normal cut out pressure and stops but you notice while the air compressor is off that air is leaking out of a valve attached to or perhaps inside of the air compressor pressure switch.
They usually use a high strength thread locker on the drain valves so it may just be very very hard to remove.
Remove the regulator body from the manifold with a wrench.
After cleaning replace the parts.
Which i ve never seen done on any compressor tank.
By the way c clip ring shown in the picture prevents the screw from being removed from the drain valve assembly.
How to fix it.
Makita mac700 air compressor.