I have assembled the controller according to instructions in the video below.
It is a very simple four knob analog controller which can be connected with the Ableton Live via Connection Kit from Max For Live.
The purpose of this exercise is to find out how the flex sensor behaves when it replaces potentiometer. A flex sensor or bend sensor is a sensor that measures the amount of deflection or bending. Usually, the sensor is stuck to the surface, and resistance of sensor element is varied by bending the surface. Flex sensor therefore behaves in the similar way how does the potentiometer. By changing its resistance it changes the amount of electric current in the circuit which changes parameters mapped within Connetion Kit.

Flex sensor reacts however not in the same way how the potentiometer. I mapped the parameter Dry/Wet of the reverb. It only starts at about 30% and reaches up to 60% when bent. Next step will be to figure out how to calibrate flex sensor so it reacts fluently from 0 to 100% of the Dry/Wet parameter.