Are these two circuits equal and what does the arrow symbolize?
Given the information provided, I think the circuits are correct. The arrows designate the currents through D1 and D2. For clarity you should also include a ground, most likely between the 2 5VDC power supplies. Something like this:







simulate this circuit &ndash; Schematic created using CircuitLab

Edit: fixed negative terminal of V3 to be connected to ground per Naz' suggestion.