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If this is the case, this would be similar to plotting the residuals (or another diagnostic quantity) against time. The index plot is a helpful diagnostic test for normal linear and particularly generalized linear models. Both outliers and influential points can be detected by the index plot. It is particularly useful when the data is in time order so that pattern in the residuals, etc. over time can be detected. If a residual index plot is showing a trend in time, then they are not independent (violation of a major assumption of linear regression).
A statistical indicator providing a representation of the value of the securities which constitute it. Indices often serve as barometers for a given market or industry and benchmarks against which financial or economic performance is measured. Use index in a sentence.