While probing the wires on a new handle for my Quick 856D hot air station, I got confused wondering why the reed switch is in series with the heater instead of the thermocouple like my original handle did. When I pulled back the terminal tabs for further inspection, it turns out the reed switch was indeed wired in series with the thermocouple but hidden inside a thermal sleeve.
Now I am left wondering what is the weird component I mistook for a reed switch. It's hard to read the inscription, but it says YCW on one side and 250V on the other. Any clues?