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Welcome. Good argument for skipping bargains and staying with the good current stuff.

Two wrench style usually involves one wrench on the collet, the other usually fits over a flattened area in the drive shaft, usually just below the collet. That cut freezes the shaft so you can tighten or loosen the collet. The other type will have some kind of pushbutton that pushes a pin against a flat spot to hold it still. There may be some variations, but I've never seen anything that didn't have some way to push a stop against the shaft, perhaps the knob does that as Dennis suggests.

Looking at it again, there is a yellow lever that is labeled Shaft release. Probably means if you push it the other way, it locks the shaft, then the collet is tightened or loosened with the yellow knob. At least that's my guess.
 
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