When Laurel tells Quentin that there is a major threat to the city, he replies "It must be May", referencing the month when the finale of the season takes place, each time with a major threat to the city. It is also known as "sweeps" when the Nielsen Company processes their ratings. It is often during this time that TV shows will do something extreme to draw more viewers.
Thea considers taking on the name Red Arrow, but Oliver says he told everyone to call her Speedy. In the comics, Roy Harper was first known as Speedy, then Arsenal, which was used by the television version of the character, and finally Red Arrow when he became a member of the Justice League.