Maybe i'm understanding your question wrong. Also, it's been a while since i had to deal with a /4 column which is why i added the "If i'm not mistaken" to my post.
The turn signal lever actuates a small pin that pops out towards the center of the steering column.
The tab on the steering wheel ring is supposed to be right at the pin location when the wheels are straight.
That way, when the steering wheel is turned away, the pin will pop out and when the wheel is turned back, it will push the pin back, canceling the blinkers.
PS:
It appears that the /4 and /6 columns are different in that regard.
On a /4, the tab should be at 3 o'clock when looking at the wheel mounted (NOT from the backside).
On a /6, the tab should be at 9 o'clock when looking at the wheel mounted (NOT from the backside).