Rode to work today and discivered my chain was horribly loose. 2+ inches fre play. After tightening chain and checking index marks chain is still binding. Do I need a new chain or am I missing something. I'm kind of a newbie to this bike, help me I'm afraid to ride it till problem solved. Chain heated up riding home and made noise like brake was dragging. Only rode 12 miles home from work.

 

2 inches sounds almost impossible - did you put a measuring tape to it? 1/2 inch can seem like a lot more. Sounds like it's way too tight now - have you lubed it recently?

 

If you measure the total travel from the highest to the lowest, 2" isn't really as bad as it sounds. Still it's too loose.
Loosen the chain and slowly rotate the wheel and if the chain is truly binding, you will see/feel it. Also if it's been a while since you cleaned the chain then that would be a good idea as well. But chains do fail, especcially if they not maintained. Any other signs of wear?

 

When I bought my bike the chain was the way you described.
I noticed that there was a decal saying that if the chain is stretched over this mark it should be replaced.
I changed the chain and both sprockets, everything original and that of course fixed the problem.
I think this is a safety issue so my advice is that you follow my example.

 

How tight did you tighten the chain?

The chain shoud be adjusted (I don't like the word tightened) so that you take up the slack in it.
There should never be tention in the chain. You take up the slack and leave some play.

There is a red and green marker on the swingarm. If you are in the red, replace the chain.
A chain that needs to be lubed makes noise. Chains do get warm from friction as the rollers spin on the pins and pass across the teeth of the sprockets. On the can of chain wax that I use, it says to take a short ride to warm up the chain before using the product.

Like rhino says, if there is any doubt, replace it. Safety first.

 

Cleaned and lubed the chain. Things improved, but when I rotate the rear tire it turns freely till I hit one spot on the chain then its like the brakes came on. Not stopping the tire totally but you can feel that spot go by. The chain is tight only when that spot comes around the sprocket. The rest of the chain when rotated has 3/4" freeplay. I am well inside the green mark on the swingarm. If I have to replace is aftermarket ok or is oem the way. There is big difference from Honda to aftermarket products in price and am on a budget. New baby.

 

It sounds like a bad link. You can go with a DID chain (X-ring or O-ring) and they work great. However you will need a link breaker and a rivet tool. About $100 for the two. But if you do like two chains it will pay for itself over taking into the shop and having it done. Not a huge job by any means.
Also if the sprokets are getting worn, now is the time to replace those as well. You will have to leave the chain on to use as a "brake" to get the front sprocket off. It's torqued and I believe the nut is staked as well so you will need to replace that as well.

 

Have had the same problem for a little over two weeks, and replaced the chain on friday BOY what a difference that made I also had to replace the back tyre the two combined removed any sort of vibration I had and it is back to being a pleasure to ride again