Is there perhaps a package that already does something like this?
In THIS topic encircling a formula is given, but I don't understand the syntax to modify the 'circle' to have an arrow point outward from somewhere.
The end goal is to have something like this.
I tried to use the example given in the linked topic as a base
\documentclass{article}
\usepackage{tikz}
\makeatletter
\newcommand*{\encircled}[1]{\relax\ifmmode\mathpalette\@encircled@math{#1}\else\@encircled{#1}\fi}
\newcommand*{\@encircled@math}[2]{\@encircled{$\m@th#1#2$}}
\newcommand*{\@encircled}[1]{%
\tikz[baseline,anchor=base]{\node[draw,circle,outer sep=0pt,inner sep=.2ex] {#1};}}
\makeatother
\begin{document} not important at the moment
\end{document}
There are a lot of embellishments that have something to do with preserving proper formating or some such. The core of the problem is to modify the \node[...]
bit which results in a circle with an arrow pointing out from it, but I feel that's a dead-end.
\documentclass{...}
and ending with\end{document}
.baseline
-TikZ picture.\tikznode
approach where the positioning is done by TeX implicitly; see the second modified example in my answer.