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To extract data points from image files, such as stress-strain curves of materials like aluminum and steel, you can use the GRABIT tool available on the MATLAB File Exchange. To download it, follow the provided link in the video description or access it via MATLAB's Add-Ons. Open MATLAB, click on Add-Ons, select Get Add-Ons, and search for "GRABIT" to locate and install it. Once installed, you'll find GRABIT in your folder. Open the file and run the user interface to start extracting the required data points for further analysis.