AM modulation index ($m$)

In the single-sinusoid AM voltage model, $m$ is the peak fractional excursion of the signed multiplying factor from its mean value $1$. At $m=0$ there is only the carrier wave; at $m=0.5$ its multiplying factor ranges from $0.5$ to $1.5$; at $m=1$ it just touches zero. For $0\le m\le 1$, the wave envelope extrema areThe last equality follows by adding and subtracting the first two. An oscilloscope estimate uses local carrier peaks near the message extrema and needs enough carrier cycles to approximate those bounds. Consistent local peak-to-peak amplitude readings give the same ratio because their common factor of two cancels. Mixing a peak reading with a peak-to-peak reading does not.

For $A=2\mathrm{V}$ and $m=0.5$, the wave envelope ranges from $1$ to $3\mathrm{V}$, giving $(3-1)/(3+1)=0.5$. These are model values. At $m=1.4$, the signed factor has minimum $-0.4$, but the nonnegative wave envelope reaches zero at its sign changes; the extrema formula would misleadingly report $1$. It cannot measure the true depth of overmodulation from the folded envelope alone.