The saying is that if you hang a Dreamcatcher above your sleeping place, it will capture the bad dreams in its web and let the good ones slip through the hole. The web represents a spider weaving an eternal web of life. Thus weaving your life dreams and energy in the universe when you dream. The beads on the web are of the 7 directions, calling upon the directions to bless you. the ring represents Mother Earth and the humble walk we do upon her. It also represents the mind and spirit aspects of one's personality moods and emotions.
The Legend: "Once upon a time a grandmother was at home, sewing and doing beadwork. Her grandson stopped by with some food for her and noticed a spider. He picked up a piece of wood and was about to squash the spider when his grandmother stopped him. After all, the spider hadn't hurt him. The grateful spider thanked grandmother profusely for saving his life and told her that in return for saving his life, he would weave a magical web that would catch all her bad dreams and let only the good ones flow through. Thenceforth the Ojibwa people made magical dreamcatchers and hung them over the babies cradles."