Your best bet is to find or make an image of an arrow and import into FCE then manipulate it using the motions pane. Just search google images or something. On second thought, I will pm or email you an arrow that you can use (I just made it for you). I hope this works.
put it above the video track, make the composite multiply.
you can probably find an image of an arrow or make one with any software,
if on a simple image app, you could get a reference image from the video as an image to know what the arrow would look like and what size, but i think you will have the same motion tab in fce as in fcp where you can re-size the image to your liking and position.
you can also use something like motion or after effects or photoshop or illustrator.
but since you asked about fce i thought you woudn't have these apps on your mac.
you can actually form the shape of an arrow using a video layer, in your case an empty slug and reshape a mask to look like an arrow, but that would probably take longer than the other ideas.
after you make the shape, remember you can change the color or shape or animate the shape to move or flicker or what not.
if you know something is cheesy, try something new.
Thank you both. After posting that and reading your responses I realized the simplicity of my question and how I probably could have figured that out. 'Tis time I use my own brain for once.
There is an arrow in LIVETYPE. You will need to access the special characters to get to it though. I've used an animated arrow in a project I did a couple of years ago. Motion may have an arrow as well.
Aschu do you have photoshop or pixelmator? If so just google an image of an arrow then import that into photoshop or pixelmator, cut out the background leaving just the arrow. Export it out and then import it into FCE and that should work for you. I am not to familiar with FCE so I am not sure what tools you have compared to what comes with FCstudio.