The black and white points refer to the absolute number of pixels. In the following example a coloured image is first desaturated (turned into a grey scale image) and then the darkest 90% of pixels are turned black, the brightest 5% are made white, and those between 90% and 95% are grey-scaled:
<?php
$im = new Imagick ("some_image.jpg");
list ($width, $height) = array_values ($im->getImageGeometry ());
$im->modulateImage (100, 0, 100);
$im->contrastStretchImage ($width * $height * 0.90, $width * $height * 0.95);
$im->writeImage ("temp.jpg");
echo "<img src=\"temp.jpg\">";
?>