I'm guessing you have a Centroid sensor and noted in the above post. They were pretty much the only ones around years ago. Their sensor, the top you can see was about 3" in diameter and had some adjustment screws. There should be a photo or diagram in that link.
Have you ever had issues with algae in the tank? Algae on the sensor shaft has been an issue in the past.
When I had my Diplomat and the sensor (Centroid) started acting wonky, I readjusted it via those screws. The instructions should be in the link. Readjusting made it work correctly again.
lastly, if you do have the old-style Centroid, look at these adjustments...
http://www.centroidproducts.com/zIns...l-oldstyle.pdf