Definition of "extremum" [extremum]

• A point, or value, which is a maximum or a minimum (noun)

Wiktionary.org : Text is available under the Creative Commons Attribution-ShareAlike License

• "And the value of E at the extremum is the entropy itself!"
• "To see where this will lead, one can take the derivative of D with respect to y, and set it to zero to find the extremum which is indeed a minimum, but I’ll leave that detail to the reader:"
• "Options markets have a volatility 'smile': the implied volatilities of the extremum strike prices are much higher than implied by gaussian distributions."