Round corners on custom shape

[Seth381405626nap]

Is it possible to round the corners on a custom shape similar to how you would on a rectangle shape?
I created an arrow shape, but I want the corners to be rounded.

[Semaphoric]

If you add a point to each leg, equidistant from the corner, and then delete the corner point, you will be left with an open shape. Click on one of the end points to pick up the path, and then the other to close it.

[Trevor.Dennis · Accepted solution]

It would only take a moment to build it using the Rectangle shape tool.

 Create two rectangle shapes and round the corners.

I used the Move tool > align to center them.

Use the Pen tool to add a point for the point.  You can see that I snapped a guide to show me the centre and where to place the new point.

Use the Pen tool to delete the front corner points, and adjust the point radius.

Opt click the point point to make it a sharp angle.

Select both shape layers and merge them (Cmd E)

And merge the paths in the Options bar

That's less than a minutes work, and you can save it to your Shapes library