How to detect if two bluetooth modules are in range

Hi, for my next project i am trying to make two bluetooth modules controlled by two separate boards detect each other and do something like light a led up.I wish i could also set the range of detection like how far away they can be from eachother. Thank you

The first venture is quite practical. Try here.
The second isn't really but, with auto-connect, you do get an indication by LED that Bluetooth is "in useful range", which is at least practical rather than fanciful. As you describe it, the Arduinos would be essentially redundant in both cases.