Represent now a flare having the shapes of an ellipse, the same way you may see in the next picture:

Create Futuristic EyeBall in Photoshop CS

Create Futuristic EyeBall in Photoshop CS

Fill 0% on the layers.
Blending Options-Gradient Overlay

Create Futuristic EyeBall in Photoshop CS

Gradient?s
parameters:


Create Futuristic EyeBall in Photoshop CS

Make a copy of the new made layer and make use of the Free Transform option to make it smaller and place it the same way it is shown in the picture below:

Create Futuristic EyeBall in Photoshop CS