The wheels on the bus go round & round - with little tags on the wheel lugs?

Factual Questions
1

Several times recently, I’ve noticed school buses with florescent pointy tags on the wheel lugs (typically lime green). They tags seem to be aligned, so that the pointy bits curve around the hub.

What are they, and what do they do? Is it some way to assess whether the wheel is balanced just by looking at it?

2

They are torque indicators, as recently discussed in this thread.

3

Thanks - I missed that thread.