My understanding is red arrow allows the player to push forward, support attack.

For example, Take Dani Alves, always attacking and getting forward, supplying crosses at the byline or cutting inside but without possession he'll revert back to "DR". - Red Arrow

Ivanovic, rarely ever goes to byline and never overlaps winger. Often stays back and keeps possession. - no arrow

It is my belief that too many arrows can distort the teams shape. If you are playing 3 centre mids and have a red arrow on the middle one he'll move into an attackive mid position and join attack, blue arrow will make him stay back and defend like a defensive mid.