Here's how I'd probably start:
1) In another part of the spreadsheet (or maybe in an adjacent tab, if the data table is large enough), I would build a table of booleans to test for peaks. If done correctly, the peaks would be where the TRUE values are in this second table (pardon my use of r1c1 notation, but I think it makes the formula more readable for something like this):
I've kind of assumed doing this in a 2nd tab, where the position corresponds to the position of the data point in the "data" tab. The TRUE values should mark the peaks, so now it is a question of whether you would need to do more to "highlight" the TRUE's, or highlight the peaks in the original data, or exactly how you would want to show the results.
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