Transition bits are those which go from one digital state to the other and then back in the least amount of clock cycles possible (2 clock cycles).<br>
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As an example, for rise time, the transition bits would be those that meet a 1 0 1 pattern.<br>
A 1 0 0 1 pattern would not meet this definition and so would be excluded from the measurements. 1 0 1 1 would as that meets the 1 0 1 pattern (what comes after does not matter).<br>
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These transition bits are often the most testing (aka worst case) of a system and so there's particular interest in measuring them.