Not exactly.  If there are no counter resets, then it's

*(last value in time window - first value in time window) / (timestamp of 
last value - timestamp of first value)*

Consider a 5 minute window with 1 minute scrape intervals.  You are likely 
to have 5 values within the window, and there is 4 minutes between the 
first and last.

<--------- 5 mins -------->
|  X    X    X    X    X  |
   <------ 4 mins ----->

So the rate is calculated over the 4 minute period between the first and 
last X.

Counter resets make it more complex than that; only the periods where the 
value is not decreasing are considered.

On Saturday, 5 September 2020 07:56:35 UTC+1, Manish G wrote:
>
> And how about corresponding X axis value? Is it the start of the time 
> window or end or middle of it or something else?
>

The time at the *end* of the time window.  That is, foo[1h] looks back 1 
hour from the instant that the query is requested for. 

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