Nodog got it right. Its movement, not camo. The first year I tried bowhunting, 1989, I had a shiney black bow with solid green shafts. Granted, I didn't score, but it wasn't because my arrows weren't camo. I missed a gimme shot and then the buck circled downwind and as soon as he put his nose in the air, even though he gave me a chance to nock another arrow without being spooked, the wind gave me away. Ive also had multiple opportunities with solid black shafts. Camo on arrows is NOT a factor. Its movement and scent.

Edit: BTW, that was on the ground. not a tree stand.