gaps, Sql Server - rextester

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create table table_x
( id varchar(5), 
 time datetime, 
 value int,
 primary key (id, time)
 ) ;

insert into table_x
  (id,  time,      value)
values

('t1', '12:00PM',   15),
('t1', '12:02PM',   4),
('t1', '12:03PM',  7),
('t1', '12:05PM',   16),
('t5', '12:10PM',   250),
('t5', '12:15PM',   15),
('t8', '11:00AM',   15),
('t8', '03:00PM',    2),
('t8', '03:05PM',    100),
('t2', '07:00PM',    15),
('t2', '07:01PM',    16),
('t15','05:00AM',    35) ;

with 
      end_points as
        ( select id, time, value
          from table_x
          where value in (15, 16)
        ), 
      start_points as
        ( select id, time, value
          from end_points
          where value = 15
        )
    select 
        t.id, t.time, t.value
    from
        start_points as s
      outer apply 
        ( select top (1) ep.* 
          from end_points as ep
          where s.id   = ep.id
            and s.time < ep.time
          order by ep.time
        ) as e
      cross apply 
        ( select p.id, p.time, p.value, 
                 rn = row_number() over (order by p.time) 
          from table_x as p
          where s.id   = p.id
            and s.time <= p.time
            and         ( p.time < e.time
                       or p.time = e.time and e.value = 16
                       or          e.time is null)
        ) as t
    where 
        t.rn <= 100 
    order by
        t.id, t.time ;
go

View schema
Execution time: 0,02 sec, rows selected: 10, rows affected: 12, absolute service time: 0,17 sec