Three are 3 limit switches. One for UP limit, One for Down limit,....And....One that bypasses the obstruction signal when closing. This limit switch is set to the height of your photo eyes. Basically (if I understand it correctly)...when the
door lowers AND ALSO reaches the level of the photo eye.....any obstruction WILL NOT cause the
door to reverse....It continues to close. Because the photo eye is so close to the ground....this shouldn't be a safety issue. This keeps blowing leaves (etc.) from reversing the
door when it's almost closed.
Again....I may or may not have the correct understanding.
If this explanation is correct....then I'd begin to look at the so called "bypass" limit switch and corresponding wiring.
It sounds like this switch (or the relay it controls) is signaling that the
door is almost closed....when it actually isn't. That's why your
door might not be reversing.
Speaking of reversing.....can you reverse the
door while it's lowering with the manual controls? That'd be another issue that would involve the reversing circuitry. Not likely...but it'd only take you a few seconds to isolate the problem to the photoeye circuit.