To solve this figure series, observe the pattern in the sequence of figures provided. The sequence consists of two main components: arrow direction and position of the square and circle shapes.

1. In the given series, note the changes in the direction of the arrow. The arrow rotates counter-clockwise by 45 degrees with each step.
2. Also, observe the alternating black circle and white square positions:
   • The black circle appears in two positions before moving, followed by the white square.
3. Examining these patterns, in the missing figure:
   • The arrow should be pointing directly upwards as it continues the counter-clockwise rotation from the previous figures.
   • The black circle will move to the top position as it alternates with the square.

From the options provided, the correct figure is the one matching these conditions.

Therefore, the correct answer is the figure shown above.