Definition – What does Range mean?
Range is the difference between a currency pair’s high and low over a specific time period. A range may be given in minutes, days, weeks, months or whatever time period a trader is interested in measuring. Traders use range to identify breakout levels.
ForexTerms explains Range
The range of a currency pair’s price action is, of course, time sensitive. Measuring range on a shorter time scale usually provides more breakout opportunities and momentum plays. Measuring range on a longer period will generally yield less breakouts, but those breakouts may be considered more significant and possibly more sustained when they do occur.