Hi Wolfie
The way I would drill a hole through the center of a round bar on my mill, assuming that the vice etc have been set square, would be:-
a. Use the edge finder to establish the fixed jaw of the vice and zero the ‘y’ (front to back) axis to this.
b. Measure the diameter of the round bar to be drilled and move the table on the ‘y’ axis in by half of the measured diameter and lock the ‘y’ axis.
c. Using either a spot or center drill bit drill a starter hole at the required distance from the end of the rod. Then lock the ‘x’ (sideways motion) axis to this point.
d. Fit the required size drill bit to the chuck and drill into the starter hole using it to stop the drill bit skidding off the surface.
This assumes that the rod/bar will be clamped against the face of the rear jaw of the vice. If your vice has a V groove running horizontally in the rear/fixed jaw then the bar MUST NOT be clamped in the groove as this will offset the bar center, relative to the measured datum, by the amount it sets into this recess.
It may not be the accepted or best way but it works for me

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I have tried a couple of inexpensive center finders that are held in the chuck and use a lever and indicator system to identify when the chuck is centralised on the rod but these have never given accurate or sensibly repeatable results.
Hope this helps.
Martin
Just seen what Dick has posted using a V block on a drill table. The big advantage of this method is that, assuming you don’t move the V blocks between operations, you can use it for a variety of round bar/rod sizes and it will center every time. As I said there are going to be alternative solutions to the problem

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Edited By Martin W on 18/11/2011 10:09:43
Edited By Martin W on 18/11/2011 10:10:09