As well as a Flag Mark, Arrows Marks are simple tools for marking points of significance on a chart, for example, high/low points of a trend channel.
In Annotation Tools drawing panel you can select from four types of Arrow Marks: Left, Right, Up or Down Arrow Mark.
Red color is set for the Arrow Mark Up and green color is set for the Down, Right and Left Arrow Marks. Color and size of Arrows Marks are fixed and cannot be changed. In Style properties dialog you can add some note for displaying beside an arrow. Color and opacity level of this text may be adjusted in "Text" drop-down menu:
In Coordinates properties dialog you can set precisely an Arrow Mark's position on the price scale (by setting the price) and the time axis (by setting the bar number):
In visibility properties dialog you can switch displaying of an Arrow Mark drawing on charts of different timeframes: