PROBLEM: ENCODER HEDS 5540 A11

Hi! I'm trying to use an encoder attached to a dc motor, but I can't read the channels output. Can i do it using the analogRead? I want to measure the angular velocity and I'm using the channel I that gives a square wave output every 90 electrical degrees. Up to now, using the analogRead, the value is about 50, and it stays almost the same. Why cannot I see the value of the high and low peaks?

Datasheet Encoder.pdf (276 KB)

Sensors HIGH eq. 2.4V ? Try running arduino from 4V.. or even 3.3
Sensor should still get 5V+
In this is not possible, use a TTL/CMOS buffer.