There should be a Arrow and a Square (on 45). This is for the Type, then Aqua, Yellow and Red are used for proximity alerts or reference.
The Arrow is pointing the direction it is tracking. You will also see a velocity vector coming off the front. That is a projection of where it will be in 60 seconds. See below:
and the Square (on 45) is for non-directional. This is typically used to show that a direction is either not reported in the ADS-B feed, or it cannot be determined... Hovering, etc. See below:
Colors are basically spelled out below: (Defualt Setting)
Brown = Ground Traffic
Aqua = Over 10nm away
Yellow = Under 10nm, but more that 2nm.
Red = Under 2nm away.