This brings back memories from my graduate school days. As you can see, this file by Erik was originally submitted back in 2000, which was the year I started using MATLAB. Soon after, I was looking for a function to create some custom arrows on figures. I came across this entry and have used it many times in my research.
A couple things I really like about this file are the fact that he maintains backwards compatibility to make sure it runs in older releases of MATLAB (as old as MATLAB 6.x), and that you can customize everything about the arrow, ranging from arrow head angles to width of the arrow stem.
Download and give it a try!
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