In practice
A balanced price range forms when price drives hard one way, leaving a gap, and then drives straight back through the same area, leaving a gap in the opposite direction. The overlap of the two is treated as a zone where both sides have been offered a fair price.
Traders mark it as a point of interest: after the second move, a return into the overlap is watched as an entry in the direction of that second move.
What to watch for
It is a narrow, specialised pattern and easy to force onto a chart. It only deserves attention when the second move also broke structure and the higher timeframe agrees with it.