Smooth Web 2.0 Arrow

Step 1. Make a new document sized 200x200 with a white background. Create a new layer and using the shape tool select the arrow and with a green color make a small one. Check below for example :

Step 2. Now add the following layer styles:

Drop Shadow:

Inner Glow:

Stroke:

Step 3. Grab the dodge tool with the settings below :

And dodge the bottom a bit.

Now make a new layer , and using the rectangle marquee tool create a shape like below and fill it white:

Now lower this layer opacity to 13% or so until it looks like below: