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This paper provides an analysis of a continuous, coded ranging scheme. By the use of a Boolean function, several "component" sequences are encoded into a transmitted signal. The receiver correlates the delayed return signal with different Boolean combinations of delayed replicas of the components to determine separately the time delay of each component sequence. From these delays, the total delay is computed. By proper choice of encoding logic, number and type of components, and the decoding logics and procedure, the range can be found in a relatively short time. Optimal parameters of this ranging device are derived.