From LightWiki

An item's Bank can be equated to a person riding a bike leaning into a turn. In LightWave precision is required so a Bank (or Heading, or Pitch) is given in degrees (accurate to two decimal places) around a 360° circle around the Z-axis, which in LightWave points straight forward and back. 0° and 360° both point along a flat line perpendicular to the groundplane (-90° points lies flat on the right side and 90° lies flat on the left). Bank is represented in LightWave by a blue circle surrounding the item.