Trying to identify a martial arts movie, I thought it was called "The Golden Arrow" [closed]

I think the movie you are talking about is "The Last Dragon" - 1985 martial arts musical film. The following is an excerpt from a website describing parts of the movie and fits in with your description (not sure if I am allowed to link to random sites here, I can add them if I am)

His master fires arrows at him, and he deftly smacks them in half. Very useful, if he's ever attacked by the Sioux nation. He mixes up the routine a little by catching the last arrow, which just happens to have blue feathers instead of black. How did he know that, him master asks of him? Was it because it was the third arrow, and his master just works in patterns? No, he just knew, he explained. Well that tears it. When you can guess the color of arrow feathers, you have officially moved beyond receiving colored belts (or dragon patches, in this case). His training is complete. One thing is still bugging ol' Leroy: when he masters... whatever martial art he's working on, he's supposed to give off some kind of glow to signify his mastery, and yet he merely glistens with sweat.