The most common and most likely answer to this crossword clue is the 8 letter word SPECTRUM
I've seen this crossword clue in Financial Times
S
P
E
C
T
R
U
M
More clues leading to the result SPECTRUM
- Mushroom’s round truncated cap in range of colours
- Unruly perm's cut in rainbow colours
- Rainbow presenter's first to enter cult - that's funny
- Colourful band finally uses guitarist’s aid left out
- Mushrooms springing up with cap incomplete in colourful range
- Scope for making crumpets
- Shortened shadow I’m not sure in range
- Play guitar, covering most of Kiss and Rainbow
- Range for cooking crumpets
- Sabbath guitarist’s mate hasn’t left band
Buddy explains!

The straight part
We know that "range" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case range = spectrum.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SPECTRUM mean?
SPECTRUM noun- A range; a continuous, infinite, one-dimensional set, possibly bounded by extremes.
- Specifically, a range of colours representing light (electromagnetic radiation) of contiguous frequencies; hence electromagnetic spectrum, visible spectrum, ultraviolet spectrum, etc.
- The autism spectrum.
- The pattern of absorption or emission of radiation produced by a substance when subjected to energy (radiation, heat, electricity, etc.).
- The set of eigenvalues of a matrix.
- Of a bounded linear operator A, the set of scalar values λ such that the operator A—λI, where I denotes the identity operator, does not have a bounded inverse; intended as a generalisation of the linear algebra sense.
- (abstract algebra) The set, denoted Spec(R), of all prime ideals of a given ring R, commonly augmented with a Zariski topology and considered as a topological space.
- Specter, apparition.
- The image of something seen that persists after the eyes are closed.