strchr locates the first occurance of the second
argument (a character) in its first argument (a string). It's
returned as a pointer. So, if term = '[' it returns
a pointer to the [ in "([{< )]}> )]}>".
5 characters later in the string, you find the closing delimiter.
The sequence )]}> is repeated because they are valid
opening delimiters as well.
Here's a followup question: why does the string have spaces in it?