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To extract data points from image files, such as stress-strain curves for aluminum and steel, you can use the GRABIT tool from MATLAB's File Exchange. To get GRABIT, visit the provided link in the video description or access it through MATLAB's Add-Ons. Start MATLAB, select Add-Ons, click on Get Add-Ons, and search for GRABIT. Once located, you can either add or download it. After installation, the GRABIT file will appear in your folder. Running this file will provide a user interface to facilitate the extraction of data points for analysis.