The circle is a contour line, but it is numerically unstable. You can add it as Epilog:
\[Psi] = 1/-288 (4 r - 9 r^3 + 6 r^5 - r^7) Cos[\[Alpha]];
Factor[\[Psi] /. {r -> Norm[{x, y}], \[Alpha] -> ArcTan[y, x]} /.
Abs -> Identity]
ctrs = {.0037, .0035, .003, .002, .001, .0005, .000137, 0};
ContourPlot[\[Psi] /. {r -> Norm[{x, y}], \[Alpha] ->
ArcTan[y, x]}, {x, -1, 1}, {y, -1, 1},
RegionFunction -> (Norm[{#, #2}] <= 1 &), Frame -> False,
ContourShading -> None, Axes -> False,
PlotLegends ->
BarLegend[Automatic, 9, LabelStyle -> {FontSize -> 24, Black}],
Contours -> Join[ctrs, -ctrs], Epilog -> Circle[],
ImageSize -> Large,
ContourLabels -> {Style[Text[#3, {#1, #2}], 15] &,
Tooltip[#3, #2, TooltipStyle -> FontSize -> 10] &}]
As for the arrows, you can try with StreamPlot
:
StreamPlot[
Evaluate[{{0, 1}, {-1, 0}} .
D[\[Psi] /. {r -> Norm[{x, y}], \[Alpha] -> ArcTan[y, x]} /.
Abs -> Identity, {{x, y}}]], {x, -1, 1}, {y, -1, 1},
RegionFunction -> (Norm[{#, #2}] <= 1 &), Frame -> False,
Axes -> False, Epilog -> Circle[], ImageSize -> Large]
or with the CurveGraphics
package that you can find at my page http://www.dimi.uniud.it/gorni/Mma