The wheel shows the available weapons in the character's quick inventory in a circular pattern, with the statistics on the currently selected weapon and its name in the center. Each weapon's icon is either bordered by its durability gauge for melee weapons, accompanied by its ammo count for firearms, or the number of them the player has for projectiles.
To use a sort of weapon toggle system on the weapon wheel while holding the primary weapon of choice, selecting onto a second weapon, such as a firearm or projectile, then pressing the toggle button will bring the player back to the weapon they had before. This works well with firearms as the player can gain a vast amount of range before such enemies close in towards them, so switching immediately to the melee weapons gives the player a chance to hack and slash or beat and bash their way out of a deadly situation.
Initially, the player has only 1-2 slots available. More slots will open automatically as the player levels up. Furthermore, if the player is doing a quest in which they have to escort a survivor, it will display the health status of the survivor.
However, if the player decides to change their weapons in their quick inventory, they must go on to the inventory menu by pressing I on a PC, or the Up button for Xbox and PS3 players. There is still no known way to quickly switch weapons from the inventory to the weapon wheel.
The weapon wheel is essentially a list; it goes in a specific order. It can be though of like a clock in a way... The bottom middle circle is 1, the bottom left is 2, the middle left is 3, the top left is 4, the top middle is 5, the top right is 6, the middle right is 7, and the bottom right is 8. But, the weapons will not cycle in that order. When the quick selection button is pressed, the next weapon in the wheel's order will be equipped. That order is as follows: 1, 2, 5, 6, 4, 7, 3, 8. See the uploaded, numbered image for a visual example.