Shiva is Energy. Energy has 5 characteristics. They are
1. It exists outside the matter forms as three primary sources of energy. They are dark energy that expands the Universe, Vacuum energy that fills the empty space and Cosmic Microwave Background that manifests on top the space. These three are the three 'eyes' or sources of primary energy. These three energy forms exists below the surface like fire resides below the ash.
2. Energy exists in multiple forms as secondary energy inside the matter forms. For eg. nuclear energy, atomic energy, chemical energy, mechanical energy etc etc. These multiple forms of secondary energy exists like multiple flowers, flows like a river between the matter forms.
3. Energy is 'stored' in matter forms as Internal energy which is the 'Gauri' which is a combination of potential and kinetic energies.
4. Energy is 'transferred' between matter forms through various mechanisms like conduction (candra), convection (vaizva-nara) and radiation (arka) for transfer of heat energy or radiation (arka), reflection (candra) and absorption (vaizva-nara) for transfer of electromagnetic energy.
5. Energy is transformed from one form to another form. which is the Yajna or evolutionary sacrifice that runs in the Universe in which energies are transformed from one form to another.
These five are represented as 'Na-Ma-Shi-vA-Ya'.
Na is nAga which is the primary energy that exist below all the forms of secondary energy, like snake that lives below the earth. This primary energy 'holds' the Universe and hence 'nAga' is said to be holding the Universe or said to reside in pAtal lok etc..
Ma is mandakini which is the secondary energy that flows between the matter forms like the ganges that flows on earth.
Shi is the Shiva which gets stored as 'Gauri' inside all the matter forms.
vA is the vAsishta which means that desires different dwellings and hence keeps transfering from on eplace to another (like Rsi Vasishta or Agasthya)
Ya is the Yajna, the transformation of energy through the evolutionary sacrifice, which is the Universe's evolution.
Thus Shiva Pancaksaram, the na-ma-shi-va-ya explains the 5 characteristics of energy.