You tap on it and that opens the GPS screen. When I fly out really far I sometimes loose my bearings. The arrow is the direction the drone is facing, the center dot is you. You can spin the arrow to you and the drone will show back up over you! As for the colors is the connectivity. Green is good signal, yellow caution your getting to far out and signal is weakening. Red is your about to loose signal completely. Tap on the small video screen that will be along the bottom left and it will open you back up into the visual screen.