Although I'm more interested in higher timeframes, I have been testing the V6 and v9 indicator today on 5m EUR/USD.
The indicator did not repaint during the hours that I was watching. The v9 indicator gives more and more frequent signals than the v6.
Problem with both is that -although they are quite accurate in identifying tops and bottoms- they sometimes give very early signals so if you would trade these signals as stand alone and jump in at the first signal, you often will get in (too) early and risk major drawdown... unless you have balls of steel, no one likes heavy drawdown and the risk of being stopped out before it goes into the direction you want it to go.
I think this indicator can be very useful, especially the v6 and on higher timframes, and you probably should combine it with other indicator(s) that keep you out of (too) early entries. In this example, I added the XA ma indicator from Xard but I'm sure there are more and maybe better indicators to do the job.

So far my first and short experience with this up and down indicators. I will test them on higher timeframes but that will take time because it can take weeks ore months for the signals to appear on 4h or daily timeframe.

Please share your experiences and let's help each in the search for our 'holy grail' :-)