How are you opening PAF, double-clicking the icon for your PAF data file, or from the Windows Start menu? Whichever you are using, try the other method.)
Where is this red arrow located on the PAF screen? I use PAF every day and have never seen it.
It is possible that PAF did not install properly or has become corrupted. In that case, uninstall PAF and install it again. Do not delete your data file, and it will not be lost. When you run the newly installed PAF, select to have it Search for all PAF databases. Then select the one you want, and PAF will open it. If it doesn't open it, the data file is probably damaged. If you email a copy of it to me, I can check it and try to repair it using PAF Insight (if it is less than 3MB in size, as I am on a somewhat undependable dialup connection). email@example.com