The Arrow drawing tool is used simply to point out features of the chart, typically either price movements or indicator/study movements.
In Appearance property dialog it is possible to change the appearance of an Arrow:
Sets the color, opacity, thickness and style of an arrow’s line. The second drop-down menu contains options of setting the line style and extending one or both arrow’s ends to infinity. Also, in the last two drop-downs of Line, an arrow-shaped or star end may be set instead of a normal one for the left and right ends of the line.
In Shape properties dialog you can set precisely the position of the arrow’s end points on the price scale (by setting the price) and the time scale (by setting the bar number):
Allows for the precise placement of the arrow’s first point (Price 1) using a bar number and price.
Allows for the precise placement of the arrow’s second point (Price 2) using a bar number and price.
In View properties dialog you can switch displaying of the Arrow on charts of different timeframes: