This is a Harrell tuner. Just happened to have it off as I have the target sights on my Anschutz.
The barrel is measured at the muzzle and 1" back from the muzzle.
The supplier then drills the tuner to those dimensions.
When installed on the muzzle, there are two set screws that clamp the tuner to the barrel.
There is a scale on the tuner starting at "0" and another scale on the bell from 0 - 25.
Four rotations of the bell would move along the tuner scale to 1 which would equate to 100. The picture shows a setting of about 341.
All ammunition will be different but with 5 different lots you would find the one that performs best without the tuner then with the tuner installed, work towards the setting found to be best.
Everyone uses them slightly different. Our premier shooter in BR 50 at Mission finds the best lot, then installs the tuner and leaves it set at "0".
I start at "0", fire 5 shots, then keep advancing one revolution at a time until a sweet spot appears and then disappears. Then start working backwards until a spot is found with one of the revolutions and honing in within that one revolution.
Then you want to buy a case of that ammo . . .