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Double beam modulation is widely used in atomic collision experiments in the case where the noise arising from each of the beams exceeds the measured signal. A method for minimizing the statistical uncertainty in a measured signal in a given time period is discussed, and a flexible modulation and counting system based on a low cost PIC microcontroller is described. This device is capable of modifying the acquisition parameters in real time during the course of an experimental run. It is shown that typical savings in data acquisition time of approximately 30% can be achieved using this optimized modulation scheme.