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The cruise control is operated from the handlebar switch - on or off. With it off, the pedal sensor is in control. As soon as you throw the switch on the handlebar, the bike tries to go the speed set on the potentiometer. It's like a throttle with no return spring that you can switch off/on. The pedal sensor always tries to give full power, so not so good for battery life.
You can buy reed switches from Maplin. They're like a little glass tube, and when you pass a magnet over them they switch. You can buy the cheapest bike computers off Ebay for about £2. The sensor is a reed switch, so you can cut it off at the computer end and use it with the magnet that comes with it. The magnet screws to the cable like it does to a spoke. You have to do a bit of trial and error with the positionibg. They work best if the magnet comes from the side and close. If you have it too far away, it doesn't switch off so well.
Miniature Reed Switches : Reed/Proximity Switches : Maplin Electronics
You can buy reed switches from Maplin. They're like a little glass tube, and when you pass a magnet over them they switch. You can buy the cheapest bike computers off Ebay for about £2. The sensor is a reed switch, so you can cut it off at the computer end and use it with the magnet that comes with it. The magnet screws to the cable like it does to a spoke. You have to do a bit of trial and error with the positionibg. They work best if the magnet comes from the side and close. If you have it too far away, it doesn't switch off so well.
Miniature Reed Switches : Reed/Proximity Switches : Maplin Electronics