There are a few different types available, i use one designed for model areoplanes like this one, it works a treat and very cheap and reliable.
I just point it at the flywheel where I've made a white paint spot on oposing sides and it reads the two spots just like a propeller on a plane engine.
On some saws it'll work straight through the pull cover, on others the cover will need to be removed.
I have a photo tacho like yours I gave up using it because I like to have one hand on the trigger and one hand holding a screwdriver to turn the H screw, and I don't have a third hand to hold the tacho or aim the tacho at a spot on the flywheel. This is where a bracket to hold an impulse tacho onto the saw (eg the wrap handle) works well.
This works particularly well on a milling saw. I suppose a similar bracket could be set up for a photo tacho but it wouldn't work too well on a mill as it would be constantly smothered with sawdust.