When your 5-way switch is at position #1 (bridge only), setting the round switch “on” gives you neck + bridge pickups, for a telecaster sound.
At postion #2 (bridge + middle), having the round switch “on” gives a full sound with all three pickups active at once.
Your Squier Slayer has three other features not found in Squiers or even most other brands/models of guitars –
Volume Retention Circuit
Also known as a “treble bleed circuit”, this circumvents a well-known problem with electric guitars that causes more treble than bass signals to be lost as the volume knob is turned down.
Ever notice your sound getting “muddy” and less clear as you turn down your guitar’s volume? This is what gets corrected with a volume retention circuit.
There are numerous types and values of treble bleed circuits. What I have found to work best is Fender’s American Stratocaster treble bleed circuit with both a parallel and a series resistor. I also use the same values in capacitor and resistors that Fender uses.
Roller-Type String Guides
String guides are critical in Fender-style headstocks that are not bent back. They ensure a proper break angle from the nut. But they also are responsible for the majority of friction in your guitar and a major cause of tuning instability whether using a tremolo or just bending strings.
The “cure” is to take the friction out of the string guides by replacing them with roller guides, just like Fender does with their American series ($1500) guitars. So that’s what we installed on your Squier Slayer guitar.
Fuse That Can Save Your Life!
No, guitars don’t generate enough electricity to harm a fly, but the amplifiers and sound systems they plug into do. And yes, there are document cases of guitar players getting electrocuted!
Not having a fuse is, in my opinion, inexcusable. It costs less than $1 apiece for an electronics type, fast-action fuse. Sure, it takes a few minutes to desolder the ground wire from the jack and run it through the fuse, but that’s time well spent if it only saves one life!
If this fuse ever “blows”, it just saved you from a bad shock or worse. You’re welcome! 🙂