Minima-Maxima Plot [2017-09-20]

A new graphical technique is proposed as a tool for studying the distributional behaviour of a set of observations since it is more intuitive and easily interpretable. This graph is based on minimum and maximum order statistics of the distribution. It has advantage of being stable at the extreme tails of the distribution unlike quantile quantile plot. Moreover, Minima-Maxima plot captures all information not only about the tails of the distribution but also about the whole distribution of the data and characterizes the distribution of the data completely. Therefore, the idea behind this plot is focusing on valuable information at the extreme tails while few numbers can describe the middle of the distribution. Accurate estimates of the location, scale and shape parameters may be obtained from the graph. download attachment