If I recall correctly, the line where the arrow is pointing tells you what kind of flight they’re conducting.
LOC - Local Traffic. The pilot said to tower they’re remaining in the pattern and they’re doing circuits (typically this is 1000ft AGL for props, 1500 ft AGL for jets, but may vary on some things, and in IF the requirements are a bit more loose on altitudes).
FF-[Airport Code] Flight Following (if Approach control is active, and the pilot asked for flight following to a destination, in other words they just want ATC to keep an eye on them, but without giving heading directions.)
RV-[Airport Code] - Radar Vectors (pilot requests vectors to the airport - ATC gives altitude and heading instructions either to the runway approach start, or general vicinity of the airport, for example with a 45 degree entry into a downwind pattern leg)
ILS-[Airport Code] - same as RV, but pilot requested ILS approach (where this guidance is available), and they’ll receive vectors for a 30-degree ILS intercept course
VFR - pilot requested a VFR flight, - this is when no flight plan is filed, you intend to stay under FL180, and have no destination in mind (just flying around).
edit: the Runway Number also changes to green if the aircraft in question has been given a landing clearance.