Figure 2 shows the Aussie dollar’s daily ranges sorted from smallest to largest. The smallest range was 0.0023 points (April 14, 2006) while the largest daily range was 0.0154 points (May 15, 2006). Those are the extremes. The average range was 0.0064 points and the median range was 0.0060 points. Figure 3 shows the frequency distribution of the daily ranges. A frequency distribution measures the number of
occurrences of a certain observation — in this case, the number of daily ranges that fall into different-sized categories.
The horizontal axis divides the daily ranges into different-sized categories and the vertical axis shows how many daily ranges occurred in each category. For example, the column labeled 0.0060, which is the peak reading, represents the daily ranges that were larger than 0.0040 points up to and including 0.0060 points (i.e., 0.0041 through 0.0060). There were 97 days with ranges in this category. Seventy-nine percent of the daily ranges were between 0.0041 and 0.0100 points (from the 0.0040 to the 0.0100 categories). Only 8.8 percent (23) of the ranges exceeded 0.0100 points.
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