The multi-colored arrow is a fridge magnet that serves as Stan Smith's terror-alert color code.
It indicates the current Homeland Security Advisory System level, which ranges from green (lowest) through blue, orange, yellow to red (highest). It is an indication of Stan's obsession with terrorism and national security.
In the very first episode, Stan, whilst looking at his ever-present HSAS fridge magnet, warns his wife, “Francine, you be careful out there today, we’re at terror alert orange. Which means something might go down somewhere in some way at some point in time, so look sharp!” Hayley replies, “You know, dad, it’s great that you and your CIA buddies have created a fun little system to keep the masses paralysed in fear.”
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