Lokeshwor means the Lord who looks down toward the entire realm with compassion. Lokeshwor is variably depicted, described and portrayed differently in different cultures and countries as either a male or a female Buddhist deity.
He can be represented with a small red Buddha in the sky above him, to remind us that he belongs to the lotus family of Amitabha. As you can see each of Chenrezig attributes has a clear and defined purpose. As our knowledge of the symbolism hidden in this Chenrezig Thangka increases we will learn more and more of the deep compassion and the happiness that is associated to Chenrezig.