What the midrange represents
The midrange is the geometric centre of the range — the value halfway between the largest and smallest observations. For a perfectly symmetric, uniformly distributed dataset, the midrange will equal the mean and median.
Practical use cases are narrow: daily temperature midpoint ((high + low) / 2), the centre of a price range, or quick mental estimates. For most statistical purposes, the mean or median is preferred because they use information from all data points.