How can you hide/remove the Movement/Aim Indicator?

I just tested it yesterday and this worked for me:

If you toggle the trainer, the arrow should be toggled as well. Or you can toggle the arrow separately:

1. Pause a running game, go to Trainer settings
2. Set up the trainer...
   a) Status toggles between show/hide (like pressing the right stick)
   b) Mode lets you select what the Trainer shows (the arrow, direction, options, etc)
   c) The other Settings become available when you choose to enable them:
   • Buttons Mode (Trainer level auto/manual, if enabled under b))
   • Level (if mode is set to manual)
   • Mechanics (if enabled under b)):
     • Pass receiver (circle under the pass recipient)
     • Shot Elevation (arrow indicating the strength of a shot)

So the short answer is: Change the Mode to select what you want to see.

On a 360 pad, you just have to press the right joystick.