Sorry for the quality, but yes, it's very similar to a Hall's wiring (in fact this device is 2 Hall sensors set up in a differential circuit, but it doesn't require the magnets that a single Hall does)
Here's some more information about its power requirements and output:
Current Sink Interfacing
3-Wire Sinking Interface
Sinking outputs are often used in negative logic applications, where a low signal is required
for an active state. There, sinking outputs normally have current flowing into the device output
lead when the device is active. Also called “open collector outputs,” sinking outputs are
compatible with any logic family since a wide voltage range may be used for Vcc. Furthermore,
the voltage level used to power the Hall effect assembly may differ from the pull-up resistor
to which it is attached. The external pull-up resister connected between the output and Vcc
is required for proper operation. With the resistor connected as shown, the output will be
“pulled up” to Vcc when off and (approximately) to ground when on.
Recommended pull-up resistor values are as follows:
Volts dc
5 9 12 15 24
Ohms
470 820 1.2k 1.5k 2.2k