that has a low voltage dc motor correct?
Miracle circuit board?
if so take a look at your dc power under load. I bet its dropping allowing the relays to chatter off and on.
Sounds like you have a handle on the gate moving freely with little resistance which is important. You are correct the overload led would illuminate if that were the case
Also make sure all you connections are tight. Take connectors off batteries close up the connectors and put back on batteries.
9 out of 10 times relay chatter is bad power
Edit:
I pulled the manual and took at look
look at the voltage under load
check all connections between battery and board
safe to bet there is no sensor in your motor
still thinking its a power problem
turn the reversing sensitivity counter clock wise to make it less sensitive ( you can adjust for safety after you get things running ) I know the light didn't come on
if power is good take a look at the close limit switch - does this happen as soon as it comes off the close limit switch?
unplug your ac power adaptor feeding the board - it will probably die out totally due to the lack of help from the ac ( should run on batt no problem )
bet you $10 its a power problem