What does the arrow light means on a 740 gle Turbo Volvo?

The arrow light in your Volvo indicates that you are driving it as a 3 speed.You can change this by simply pushing button on side of your shifter.If you do, you change it over to a 4 speed which is best for interstate driving.I learned this by reading my Volvo 740 manual.:-) Hope this helps ya.