Does this indicator lag? if not this is the holy grail

Came accross this indicator and looking at it on 1HR charts it looks like a holy grail however... even though im sure it doesnt repaint the question is... when do the actual arrows appear?

If someone could look at the code and maybe figure that out then we can know either way.

If it doesnt lag and the arrows appear straight at the hour mark at the close of the candle then we have found ourselves a holy grail.

http://www.mediafire.com/?lknquf7dnmy525d

That's the reason for repainting/lagging (the bold part):

if (Low < Low[i+1] && Low < Low[i-1] && High < High[i+1] && High < High[i-1])

That's the reason for repainting/lagging (the bold part):

if (Low < Low[i+1] && Low < Low[i-1] && High < High[i+1] && High < High[i-1])

Thanks for looking into it, i had my hopes all built up haha >:)