To add a red circle or arrow in Sony Vegas, first, create a new video track above your main video. Then, use the "Media Generators" panel to add a solid color or a shape, adjusting the color to red. You can use the "Mask" feature to create a circle or arrow shape, or import an image of an arrow/circle and place it on the new track. Finally, position and resize it as needed, and apply keyframes for any desired animations.
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