How to configure an Avid Speed Dial brake I got this brake lever on my new bike and I am looking help how to configure this. I do not know what purpose the red screw has on the top I reckon this has something to do with the name "Speed Dial" but I cannot figure it out, neither on Google nor on YouTube. I just get shopping links but nothing like an instruction. 

Since this is the first time I am using a disc brake I would like to know if the back small wheel (where the brake cable comes in) has the same purpose as it has using V-Brakes?
Avid does provide a user manual for the Speed Dial 7 that describes what the different adjusters do. Just google 'avid speed dial 7 manual': 

https://sram-cdn-pull-zone-gsdesign.netdna-ssl.com/cdn/farfuture/Bv5FmtpDsTVHw9CpVeB-YkdnOyinFNaPxEkOXTgCQdA/mtime:1372788167/sites/default/files/techdocs/speed-dial-7-install.pdf

Sometimes you just have to go old school and read the manual, rather than looking for someone to explain it on YouTube  :-)

From the diagram in the user guide one can see that the adjustment moves the attachment point of the cable to change how much cable is pulled for per unit of lever pull.

At one extreme the caliper will engage quickly, but more force on the lever will be required, and less modulation control will be available (will be harder to stop the wheel locking); at the other end the brake will engage more slowly, but you will need less force on the lever and modulation will be easier.