The Trade State Machine

An entry signal fires at the close of bar 7. What state is the pair in at that close, and when does the position exist?

• OPEN, from the close of bar 7
• PENDING_ENTRY at bar 7's close; the fill, and the OPEN state, come on bar 8
• FLAT, until z confirms the signal on a second bar

A trade exits for reason TARGET. Which state does the pair move to when the exit fills?

• FLAT, ready for the next entry signal
• COOLDOWN, until abs(z) falls inside the exit band
• LOCKED, until the next fold