History of the star: A deep yellow star on the leg of Pegasus the Winged Horse. Pegasus is considered to be an fortunate constellation. Scheat from Arabic As-Saq (1), "The leg", or Al Sa'id, "the Upper Part of the Arm", Mankib al Faras, the "Horse's Shoulder". Seat Alpheras; Seat Alfaras; Scheat Alpheraz; and Saidol-pharazi, Menkib, Almenkeb were other titles.

In the Hindu lunar zodiac alpha Andromeda (Alpheratz), alpha Pegasus (Markab), beta Pegasus (this star Scheat), and gamma Pegasus (Algenib), "the Great Square of Pegasus"; a large asterism that constituted the double Hindu nakshatra (mansion of the Moon), — the 24th and 25th, — Purva and Uttara Bhadrapadas, the Former and the Latter, Beautiful, Auspicious, or Happy Feet, sometimes also called Proshthapada, (this star was noted as the junction star of the Bhadra-pada nakshatras) with various meanings; "Carp", "Ox"; "Footstool Feet," "Couch" or "Bed", "Bifaced Figure", or "Twins", "Stand" or "Support": The regents of these nakshatras being Aja Ekapat, the "One-footed Goat", and Ahi Budhya, the "Bottom Snake", "two mythical figures, of obscure significance, from the Vedic Pantheon."

Scheat is called "Who Goes Forth and Returns" - Bullinger.

The Arabic 24th manzil, was formed by alpha (Markab) and beta (Scheat); and was Al Fargh al Mukdim, the "Fore Spout", i. e. of the water-bucket, —  Al Biruni's Al Fargh al Awwal, the First, or the Upper, Spout.

These stars also were the Persian Vaht, the Sogdian and Khorasmian Farshat Bath, and the Coptic Artulos, all signifying something pertaining to Water; while in astrology Scheat indicated danger to mankind from that element.  

It was one of the four stars of the ancient Persian monarchy, in 3000 BC, when as watcher of the north it marked the summer solstice. It was seen as one of the Four Guardians of Heaven; one who regulated all things in the heavens; sentinels watching over other stars. This was from the belief that it ruled the affairs of the heavens; a belief current, till three centuries ago, from at least 3000 years before our era. 

This is one of the four key stars in the heavens, also called archangel stars, assigning:

Tasoheter - Michael (Aldebaran) watcher of the East;

Satevis - Oriel (Antares) Watcher of the West;

Hastorang - Gabriel (Fomalhaut) watcher of the South;

Venant - Raphael The Healing Archangel (Regulus) Watcher of the North.

They have been characterized as Horses, reflected both in the famed Four Horsemen of Apocalypse (Revelations 6) and Chariot Horses in the Book of Zechariah.

At one time these four stars marked the two Equinoxes and two Solstices. Aldebaran marked the zero Aries point in 3044 BC, Antares marked zero Libra 3052 BC, Fomalhaut marked zero Capricorn, 2582 BC, Regulus marked zero Cancer 2345 BC.

Early English astrologers made Regulus a portent of glory, riches, and power to all born under its influence. Proclus wrote: "The Lyon's heart is called of some men, the Royal Star, for they that are born under it, are thought to have a royal nativity." 

[Star Names, Their Lore and Meaning, Richard Hinchley Allen, 1889]. 

Influences of the 24th manzil (Moon Mansion): Causes union, health of captives, and destroys buildings and prisons. With Moon transiting here; plant, sow, bargain, marry but do not navigate.  (Robson*).

The astrological influences of the constellation: The constellation gives ambition, vanity, intuition, enthusiasm, caprice and bad judgment.  (Robson*).

The constellation portends events concerning ships and the ocean and also changes in the weather. In medieval times it was said to indicate vain individuals with a great deal of ambition, but with very poor judgment. (Fixed Stars and Judicial Astrology, George Noonan, 1990).