The cyan and magenta dots on the chart are the pivot high, pivot low (4,2) Show Me study.
The results are fairly impressive as I prefer systems that are at least 80% reliable. When it comes time to put real money behind your trades, there are few traders who can stomach a system with 6 or 7 consecutive losses and money management is absolutely essential in such systems. Most traders I know would walk away from any system after 3 or 4 consecutive losses.
This is a simple system with no stops. Drawdowns may be substantially reduced by adding both a stop loss and a trailing stop. The IWM is one of my favorite technical trading ETFs and it responds well to a variety of other technical signals.
This is the code in TS2000i, which you can import into 8.3 to test other time frames and settings. There's a slight edge in performance by executing SELLs at the close, rather than the following open (Market), while Exitlongs are best executed at Market.