Hi Smit,
The current regulator works by using U3 as a comparator to compare the voltage across R7 caused by load current, with the setting of the current pot P2 and causing the output voltage to be reduced through D9 to maintain the set current.
Since the reference voltage is +11.2V, the output of U3 goes from being high when it is not regulating the current, to at most +10.6V during current regulation. Of course when the output of U3 is only +10.6V or less then it turns on the LED through Q3.
3A though R7 produces only 1.41V at pin 2 of U3 but pin 3 is 1.70V when the pot is at max. Why? Because pots have a wide tolerance and if your 10k pot is actually 8k then the project will produce very close to 3A.
Another member reduced the value of R18 and added a trimpot in series to adjust the max setting of P2 to be exactly 3.0A. He also added a trimpot in series with the voltage-adjusting pot to adjust the max setting of P1 to be exactly 30.0V.
The schematic of the current regulator is confusing to look at since the output 0V is not the same as the rectifier 0V with R7 is in between. It is not confusing if you look at all voltages with the rectifier 0V as a common reference.
Your 11.2V reference is low at 10.7V probably because you used a zener diode for D8 that is rated at a high current. The original circuit uses 4.7k for R4 which sets a zener diode current of only 1.2mA. I recommend using a BZX79C5V6 zener diode which is rated at 5mA, and changing R4 to 1k for a zener diode current of 5.6mA.
In my sketch the load current is 3A and the pot is max. Reduce the setting of the pot P2 and you will see how it regulates the current. ;D
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