Casting 30 low alchemy, 15 high alchemy and 27 superheat gives 3,336 Magic experience per day. (3,586 experience if you include 10 casts of Bones to Bananas). There is a small profit to be made turning bones into bananas depending on the staff equipped and runes used, for details see Bones to Bananas. If doing it only for Magic experience, add only one bone to inventory at a time as it turns ALL bones in inventory into bananas for only 25 experience per spell regardless of number of bones.
Since it is possible to perform alchemy on noted items, withdrawing sufficient noted items means you can fully high and low alchemise without restocking from your bank. A good candidate for low-alching is the maple shieldbow (u), which gives 128 coins and costs 96 coins. For high alchemy the usual candidates can be considered, the ring will perform 434 coins better than the standard staff-and-nats set up.
Equally, superheating iron ore into iron bars can be fully completed without restocking your inventory for a profit of 5238 coins and 337.5 Smithing XP per day; with gold ore into gold bars there is a loss of 3915 coins, but 1517.4 Smithing XP if wearing Goldsmith gauntlets.
On the day of release a bug prevented the alchemy options to be cast twice at a fast pace. If a player were to use either of the ring's alchemy, they would have to wait until the casting animation was completely over before casting it again, otherwise they would be able to reactivate the spell but unable to actually choose an item to cast it on. This has been fixed.
Since then there has been an update to alchemy spells that forces the player to wait for the entire animation of high or low level alchemy with or without the ring. However superheat item can still be cast at twice per animation but using the ring will only allow once per animation.
Effective as of the 2 November2010update, the low alchemy, high alchemy and superheat interfaces have been reworked to make them much more user friendly.
The explorer's ring 3 and 4 are used very often due to an unlimited teleport fairly close to a bank, deposit box, water source, milk seller, yew and elder trees, ivy, chickens and fireplace, as well as going directly into a cabbage patch which can be used for lots of free food. It's also used for herb running.
When crafting any elemental runes, while not wearing the ring, the game will display the message: "If you were wearing your explorer's ring you may have earned more runes."
The explorer's ring is not allowed on Entrana because the Monk of Entrana claim "its magic is too strong and may cause disruption in some areas."