”wheel”, is one of the seven ”precious possessions” (ratana) of a righteous World Emperor (cakkavatti: ”He who owns the Wheel,” cf. D. 26), and symbolizes conquering progress and expanding sovereignty. From that derives the figurative expression dhamma-cakkam pavatteti, ”he sets rolling the Wheel of the Law” and the name of the Buddha”s first sermon, Dhamma-cakkappavattana Sutta (s. dhamma-cakka).
Another figurative meaning of C. is ”blessing”. There are 4 such ”auspicious wheels” or ”blessings”: living in a suitable locality, company of good people, meritorious acts done in the past, right inclinations (A. IV, 31).
Bhava-cakka, ”wheel of existence”, or of life, is a name for ”dependent origination” (s. paticca-samuppa^da).
See The Buddhist Wheel Symbol, by T. B. Karunaratne (WHEEL 137/138); The Wheel of Birth and Death, by Bhikkhu Khantipalo (WHEEL 147/149)