Before the world morphed into what it has become, the relationship between stock prices and intraday ranges was somewhat positively correlated (as one would imagine) – higher prices and a steady vol means absolute ranges will trend higher. However, the last few years – and most especially the last few months – as equity index prices soared, so intraday ranges collapsed. In fact, the last 3 times a new low range was made, that marked a local high in stock prices.