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Yep, they have a high, medium and low mode. Half press on the switch to cycle, or just flick off-then-on within a second or two.

If you leave it off longer than 5 or 10 seconds it will remember...

That looks like the right Maxtoch, you might be stretching a bit to I.D. out to 500, although I've never really taken much notice of the extreme range mine is capable of.. Had no problems shooting to...