A light curve of the eclipsing binary CM Draconis has been analyzed for the presence of transits of planets of size ≥ 2.5 Earth radii (RE), with periods of 60 days or less, and in coplanar orbits around the binary system. About 400 million model light curves, representing transits from planets with periods ranging from 7 to 60 days, have been matched/correlated against these data. This process we call the "transit detection algorithm" or TDA. The resulting "transit statistics" for each planet candidate allow the quantification of detection probabilities, and of false-alarm rates.