For some empirical data:
The last few days 5 minute bar high/low ranges (in ticks) are: 31 (today), 32, 33, 39, and 37.
The average 1 minute bar ranges are: 14 (today), 15, 15, 17, and 16
Yet, the daily high/low range for the same days is: 156 (today), 299, 279, 308, and 347
So while...