Hello,
after a pair position is closed, it reaches the "cooldown" state for few minutes (I think 3 minutes) before it starts to process entry strategy again (and potentially open the position again). The reason is that immediately after closing the position, IB often reports positions in transient, inconsistent state for few seconds and this used to confuse the PTL Trader position management logic. So it waits few minutes to prevent this.
This also applies to users with PDT protection (daytrading disabled), because even with PDT protection you can still close your position and open it again (once) the same day, as this is not considered as PDT violation from the IB side.
It is funny, open-close is considered daytrading, close-open is not. I am not making these rules, US regulation offices do
