The voltage nullcline is and the recovery nullcline is . In the relevant region , so below the voltage curve and above it . Below the recovery curve , while above it .
For small , the outer voltage branches with attract fast voltage motion; the middle branch with repels it. Arrange the intersections so the equilibrium is on that middle branch, with recovery increasing along the high-voltage attracting branch and decreasing along the low-voltage attracting branch. The trajectory then drifts towards a fold, jumps rapidly to the other attracting branch at nearly constant , and repeats. This is a relaxation oscillation.
The local linear stability calculation supports the construction. At an equilibrium,
A sufficiently steep recovery curve gives positive determinant, while gives positive trace. Hence the equilibrium is a repeller. The bounded physical rectangle can be chosen forward invariant, and a small neighborhood of the repeller removed to give a trapping annulus. The Poincaré-Bendixson theorem then supplies a periodic orbit. These conditions can be realized because the recovery function and the applied current control the intersection and its slope; oscillation is possible, not forced for every choice.
For the illustration, , , , , , and . The rectangle has inward-pointing flow, and the displayed numerical trajectory realizes the folded-branch mechanism.

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