The image above shows a double top and a break towards the downside.
The image here shows a triple top and a break towards the downside eventually.
The picture here shows a head and shoulders pattern with an eventual break towards the downside.
A double top is a scenario where the price reaches a high twice before falling significantly from then. The price is unable to break above the previous high. This is interpreted as a sign of weakness. Often times, the second high or peak is lower than the previous peak. This is a major sign that the price of the security will fall significantly.
A triple top has 3 peaks, with each peak lower than the prior peak, and unable to break above the previous peak. There is significant price weakness as in the case in a double top. The price of the security falls thereafter.
How Options Traders Can Use These Patterns?
The options trader can purchase the right option at or around the breaks towards the downside. Do note that some of these patterns can take a while to form. Hence, the purchased option may have a maturity that extends far out to capture large swings in the price of the underlying security.