Just set up multiple profiles. One for each ride. I have a 1030 so I am not sure how it works on the 530 but I have three bikes,indoor trainer, daily rider and my pretty bike. All three have different profiles with different set ups. All three have stand alone sensors that the Garmin finds in seconds. I find it very easy to use.
Depending on the software you use for data that can be a bit more complicated to sort out. Connect isn't the best but use that and golden cheetah for my actual training data deciphering. Just depends how much time you want to spend looking at data really.