The process is described for the 2 states case.

These figures correspond to a process with 3 states, with the parameters:

σ = [0.09 0.15 0.30]
The transition probabilities are $( ) 0.9996 0.00025 0.00015 p(i → j) = ( 0.0014 0.9980 0.0006 ) 0.0010 0.0090 0.9900$
p(ϵ_r): Student with 4.0 degree of freedom