The Madison Range Overlook is located 5.2 miles from the Yellowstone National Park entrance station.
This map from the book Yellowstone Treasures by J. Chapple. (link)
It appears that the sign indicating this as the Madison Range Overlook no longer sits on the post. (Image Google Streetview)
Some recent topo maps show the Madison Range Overlook at the wrong location - on the bend. The view from the south bank there is occluded by a hillside, and the view from the north bank (shown below) is of the Gallatin Range. So, something is wrong with these maps.
This is not a view of the Madison Range, but is instead a view of Madison Canyon (in the Gallatin Range) from this incorrect "Madison Range Overlook" location, on the north bank.