Description:
<jats:p>The <jats:italic>K</jats:italic><jats:italic>p</jats:italic> geomagnetic index forecasts are currently used to predict the aurora, MeV electron fluxes at geosynchronous, spacecraft anomalies and charging events, and times when accurate geological surveys can be performed. Many <jats:italic>K</jats:italic><jats:italic>p</jats:italic> forecasts rely on the upstream solar wind speed since the speed strongly correlates with the <jats:italic>K</jats:italic><jats:italic>p</jats:italic> index. However, the distribution of <jats:italic>K</jats:italic><jats:italic>p</jats:italic> and solar wind speed measurements is quite broad. To understand how common certain combinations of <jats:italic>K</jats:italic><jats:italic>p</jats:italic> and speed are, we plot the percentage of points in two‐dimensional <jats:italic>K</jats:italic><jats:italic>p</jats:italic> and speed bins using a color scale. Using these color <jats:italic>K</jats:italic><jats:italic>p</jats:italic>‐solar wind speed distributions for compressions, rarefactions, and Interplanetary Coronal Mass Ejections separately, we find that much of the variability in the <jats:italic>K</jats:italic><jats:italic>p</jats:italic>‐solar wind speed distribution is attributable to the dynamic interaction between the fast and slow wind. We compare three different criteria for identifying compressions and rarefactions and find that density criteria provide greater separation between compressions and rarefactions than dynamic pressure or speed‐time slope criteria. However, the speed‐time slope provides enough separation to be useful given that the solar wind speed has a long autocorrelation time and can be predicted using solar observations (e.g., expansion factor models). To ensure our work can easily be incorporated into forecast models, we provide the <jats:italic>K</jats:italic><jats:italic>p</jats:italic>‐speed distributions files for all three methods of identifying compressions and rarefactions. We describe a method to extend forecast lead times by estimating compression strength with a speed‐time profile obtained from solar wind speed predictions based on solar, coronal, and/or heliospheric imaging observations.</jats:p>