Problem solved. It was a shorted positive terminal cable going to the battery. Flashing arrow went away once the battery cable was replaced.

I had a similar problem. Battery died and when I jump started it I got the flashing red arrow. Tech at the indy shop finally found out today that the cable connected to the positive terminal of the battery was shorted. He will swap a new one in tomorrow and let me know if it fixes the problem.

Did not know that a generic scanner will not read transmission codes. I'll try to get to a shop with Volvo equipment within the next week to see if they can pull codes.

Fluid looked clean with a light brownish color - from what I've researched that's normal for a car with over 150K miles.

Is the ...

5 days ago tried to start the car and found the battery dead. Jump started it - and noticed the flashing orange up arrow for the first time. Car seemed like it was driving in 3rd gear. Since battery was still under warranty - drove the car back to that shop. They recharged the battery and claimed it ...