I spent two days fussing with my collet closer, which looks much like yours. Finally I understood how it actually works, and it’s pretty clever. When the spool is pushed to the right, to release the part, the fingers relax inward and quit pressing against the spindle, thus releasing the collet clamping pressure. When the spool is pulled to the left, the fingers expand and as they open, the back side of the fingers lever against the spindle with a lot of leverage and go over center, giving the pop and locking the part. Twisting the collet closer shell pulls the collet into the nosepiece…if not far enough, no pop. If too tight, there is also no pop and no locking. When the collet is engaged, a pin can lock the shell to the spindle preventing loosening.
Maybe somebody can explain better. Please!