Well the small pointy arrow is the bearing pointer. so it points to your NDB or waypoint all the time. The bigger hollow pointer is the course selector. So in Waypoint mode it shows you on which course you are supposed to be flying. Are both aligned you are on track, do they differ you can read the angle off track.
In the ADF Mode the Hollow pointer just points to 12 o'clock (at least as far as i could find out)
The channel switch switch biggrin allows you to select one of the 2 frequencies you have dialed in. so the small pointer points to NDB 1 and after you switch it to NDB 2. This way you can take cross bearings and get a fix on your position.

(Correct me if I'm wrong alex ^^)

Last edited by GAFflyer; 01/18/15 08:38 PM.