The dot adds visual noise (just as the redundant "by").
It might be worthwhile to try and map the color code onto the arrows. Red up arrow instead of red dot could serve both as highlight and as "stop, don't click me".
I really don't think that coloring the arrows is going to be a good idea. That will carry entirely too much meaning. People will think the red has something to do with the button and will be confused.
I also suspect that you haven't thought this through. Try mocking up a page full of red arrows instead of red dots. Even without doing so myself, I predict that because the arrows have twice the area of the dots you'll find that it looks far more cluttered.
It might be worthwhile to try and map the color code onto the arrows. Red up arrow instead of red dot could serve both as highlight and as "stop, don't click me".