If its an automatic then your either in winter or a low gear(not flashing) or transmission fault(flashing arrow) But if its manual the non flashing arrow is the recommended time to up shift.
If it's the arrow-shaped one in the dashboard of an automatic transmission Jeep, then it's supposed to indicate when you are supposed to up-shift.
A common problem with alot of Volvo's is the Overdrive. Basically the high gear. If it wont shift into high gear it means that the "Overdrive" is activated and won't shift into high gear. You need to see if there is a little upwards pointing arrow on your Dashboard Cluster. If there is then you need to replace your Overdrive Solenoid.
The Volvo has a brand circle with an arrow coming out the side.
If it is a manual transmission, I believe it lights up indicating that you must up-shift for better fuel economy.
traction control indicator
Make sure the car is in Drive and not a lower gear when driving. It is easy to skip over drive and place it in a lower gear without realizing it.
Most likely it indicates transmission problems. The up-arrow indicator has multiple functions, and it also serves as the trouble indicator for the transmission. It may be something as simple as transmission overheating -- let it cool down for 2-3 hours, make sure the transmission fluid level is within limits, and try again.
it is the car company volvo :-)
Low coolant Level