Detect outliers in the vector by treating anything that falls outside 1-st or 99-th percentile. Common percentiles that may be passed in factor are .0035, .005, .01, .02, and .05. Note, extreme 2% as discussed in textbook corresponds to 1% in left tail and 1% in right tail.
Calculate the lower and upper bound for acceptable values for vector y. Treat anything that falls below the factor percentile or above the (1 - factor) percentile as an outlier.
Calculate the lower and upper bound for acceptable values for vector y. Treat anything that falls below the factor percentile or above the (1 - factor) percentile as an outlier.
Value parameters
factor
the factor used in computing the bound (percentile)