The pentacle, or pentagram, is the most revered and most popular sign of the craft. It is similar to the Cross or Crucifix of the Christian religions. This symbol has nothing to do with the devil or with evil. Devil worshipers use this symbol inverted as a symbol of Satan, but it has nothing to do with the devil in our religion. Devil worshipers use this symbol because it was once a popular Christian symbol used to signify the five wounds of Christ. It was abandoned early in history but can still be found in much of the art and architecture of old churches and monasteries. This, for its protection and Christian meaning, was the symbol carried on sir Gawain's shield.
In witchcraft the pentagram and pentacle represent the five elements and are symbols not only of the religion, but also as a sigil of protection and unification. The elements are Earth, Air, Fire, Water, and Spirit. This is not to be confused with the Holy Spirit of the Christian religion. The spirit is the energy vibration attributed to each and every thing. People have them as well as animals, stones, trees, planets, moons, stars, even the universe. It is often used for protection and is included on most amulets and talismans. It can be drawn in certain ways to promote specific results in spell work.
The banishing (getting rid of something — i.e.: negativity, evil, etc.) pentagram is drawn starting at the bottom left-hand point going up to the top, down to the bottom right-hand corner and so on. This pentacle is drawn this way in all rituals involving banishing. It is also drawn over doors and windows to prevent evil from entering a space.
The invoking (bringing something toward you — i.e.: money, luck, etc.) pentagram is drawn starting at the top corner, down to the bottom left hand corner, up to the top right hand corner and so on. The invoking pentacle is drawn in this way when you want to draw something toward you or to gain something. This pentacle heightens power and aids in invocative spell work.
The pentacle is also representative of the five points on the human body. The circle is considered feminine and is indicative of the womb and the points represent the male member. Sometimes the inverted pentacle is used to signify the God and the upright pentacle is used to represent the goddess. This method is not often used, however, as it has very evil connotations in other religions. In many other pagan religions, the pentacle was the symbol of the earth or the earth-womb and is often used to signify the earth. It is also used to represent the God and Goddess at each point. The top three points represent the aspects of the goddess: Maiden, Mother and Crone. The bottom two are the aspects of the god: Oak King — light, and the Holly King — dark. It also represents the five stages of life: birth, Maiden, Mother, Crone, death. The Wiccan kiss, or the five-fold kiss is used in ritual and is represented by the pentacle: feet, knees, womb, heart and lips. See more on the pentacle here.
Suzanne Egbert States: "The meaning of the pentacle as worn by Pagans is rooted in the beliefs of the Greek Pythagoreans, for whom the pentagram embodied perfect balance and wisdom; inserting the star in the circle adds the symbol of eternity and unity."