What is this ratchet gadget?

[bigclick]

Can anyone tell me what the function of the numbered ratcheted device shown in the picture is for? It is a picture of my front wheel..

...basicaly what is it and do I need to do anything with it? Ever?

 

[Martin@e-bikeshop]

Dont need to play with it. Its the through axle system used on lots of new bikes with decent spec. You can manually pull out and move the thread round so the tightened lever the other end, ends up in a different position.

If it works, don't fix it