In the first frame on the timeline add these variables and values
a = getBytesLoaded();
b = getBytesTotal();
v = Math.floor(a/1024)+"kb";
z = Math.floor(b/1024)+"kb";
w = Math.ceil((a/b)*360);
The variables a and b are exactly what they say. The variables v and z are the variables a and b converted from bytes to kilobytes and converting to an integer. The value w is the proportion of bytesloaded to bytesTotal converted to an angle in degrees. This is the value we will use to move the needle through its travel.
Back on the timeline add a new frame, frame 2 and add this code
gotoAndPlay (1);
This simply loops the loading animation so it can constantly be updated with renewed "bytesloaded" information.