Let the modulated AM signal
Where
If positive and negative amplitudes are not identical,
The percentage of modulation is equal to
The modulation index is defined as the ratio of non negative maximum amplitude of the modulating signal to the amplitude of the carrier signal. Also it is called depth of modulation. The range of modulation index to recovered the original message signal without distortion from the modulated signal is
Where,
Hence from equation (2) to (3) is the relation between modulated signal amplitude and the modulation index.