How long does this icon stay on the screen? For good or just a handful of seconds or so? If just seconds then I believe it's your phone sending out a EVDO signal looking for EVDO (might be wrong but thats what I understand it to be doing).
I have a V3M also. Those three up and down triangles are always on my phone, though usually they are black/grey (signifying no data download). They are red when I first turn on my phone. If your's stay red all the time, do you have an email account that is looking for new email? Might want to turn off the phone, remove the battery and start it up again. My RAZR has all kinds of little quirks, such as always prompting that there is a new SW update but never downloading one. However, I just ignore them and seems the phone works fine (though still has a poor battery life)
A new icon has appeared on my screen today. The icon is three red triangles pointing up and three red triangles pointing down. My manual does on list this icon and the phone icon glossary only says 'EVDO'. Can someone tell me what this is, why it is displayed and how to get rid of it?