Candy Lace Knitting Stitch.
Related Post

Triangle lace knit stitch 3 variationsTriangle lace knit stitch 3 variations
Triangle lace knit stitch 3 variations. Here is good post for translating Russian knitting symbols. More Great Patterns Like This

Intricate Lace Edge Knitting StitchIntricate Lace Edge Knitting Stitch
Intricate Lace Edge Knitting Stitch. More Great Patterns Like This

Circle lace eyelet knitting stitchCircle lace eyelet knitting stitch
Circle lace eyelet knitting stitch. More Great Patterns Like This
Hello! What do the skinny right-pointing and large left-pointing arrows mean? Thanks!
The arrows refer to a twist/cable stitch done over those three stitches which can be worked as follows:
Going in front of the first two stitches on the left needle, knit into the front loop of the third stitch and leave it on the needle. Then knit into the first stitch as normal and slip it off. Then knit into the second stitch and slip both remaining stitches off the left needle together.
Alternative Cable Needle Method: Slip the first two stitches on the left needle on to a cable needle and hold in back of work. Knit the next stitch on the left needle like normal. Knit the two stitches off the cable needle.