This was a bit of a silly thing to make (much less spend as much time designing as I did) because the lockring tool doesn't even need the locator pin. But if yours has a 5mm pin – e.g., for an older quick-release axle – and you're working on a wheel with a 12mm axle, this will help align the tool.
The indented area is not just to aid in pulling it off again but forms a small interference fit on the pin. The slots are to let the plastic flex to hold it securely… would not want this to come off inside the hub :-)
I changed my mind when designing it about how it would print best, so unfortunately you must flip the STL upside down to print. Standard 0.2mm PLA print settings worked fine for me.
The author hasn't provided the model origin yet.