penfold
Ambassador plenipotentiary
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It's not particularly clear on the diagrams but I would guess as a variable resistor.
However the port on the back of the welder has 10 pins available and only 8 pins are marked on the wiring schematic, still not sure if there is something I am missing.
More likely to be acting as a potential divider; supplying a varying voltage to control output is far more common in these kind of circuits than varying current.