I have a dedicated driver installed for the wheel, so I also have in those properties the option to to set default axis ranges - for generic devices that Windows sets up, those calibration settings are in another tab that says Calibrate. To use it correctly - and with results - first of all I have to open the Windows properties of my steering wheel where I can see how my device functions - which buttons I press and how the axis behaves.

There is a neat app to calibrate gamepads and steering wheels, it's called DXTweat and I got it from.