Magnetic or photoeye encoder?

Does anyone know of a good encoder that reads off a spinning magnet like on a bicycle?·
I also wanted to know if a photoeye placed very close to a spinning disc·with holes in it could work as a crude encoder.· A bright LED could be placed on the other side to help distiguish light from dark.· I dont know how photoeyes work, and was wondering if·they would lag at high speeds and not get good readings or not.
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