The icon shows an arrow like symbol pointing towards upper right. It appears towards the left of the battery indicator in iPhone.
What does this mean?
iPhone Status Bar Arrow Icon – What It Indicates
iosiphone
Related Solutions
It looks like the application is adding that icon. I checked the Level application on my phone (sort of a free demo for Carpenter) and it has a button with the same design in the upper right corner:
Tapping the button gives this screen:
Google still has some update notes cached where the developer listed this as a new feature in the App Store:
Added Quick Switch button on the top right corner to quickly switch between iHandy apps without getting back to home screen.
Normally, apps can't add custom icons to the status bar. According to this thread, they may just be overlaying the Quick Switch icon over the battery indicator: Customizing iPhone app taskbar
Changing the iOS carrier name/logo is possible using external tools on your mac or on the iPhone, if the iPhone is jailbroken. There is no indication that this iPhone is related to the olympics at all. Changing the carrier logo is relatively easy.
To change the carrier to a logo using a mac on a non jailbroken iPhone, use the following tool: http://uhelios.com/downloads/.
To change the carrier on a jailbroken phone, use the tool Zeppelin. A how to can be found here: http://www.iphonehacks.com/2013/12/change-iphone-carrier-logo-ios-7-zeppelin.html.
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Best Answer
This icon represents Location Services. The icon isn't generally shown all the time. The appearance of this icon indicates that some iOS app/service has recently accessed your current location.
The appearance of the icon can be configured by going to Settings app → Privacy → Location Services → System Services on your iPhone and toggling the switch shown in front of Status Bar Icon item.
Your iPhone may use not just GPS, but a combination of various technologies such as Bluetooth, crowd-sourced Wi-Fi hotspots, location determined by cellular towards, and other GPS like technologies such, GLONASS, Galileo, and QZSS to determine the current location.
Also, as shown above the Status Bar Icon item, the icon itself could be styled in different form to convey different information.