The 25-year-old joined the Gers from English League One outfit Wigan Athletic in the summer transfer window.
Waghorn has proved to be a brilliant acquisition for Rangers and has scored as many as 17 goals so far this season.
Two of those goals came against Alloa Athletic at Ibrox in Glasgow on Saturday afternoon, as the Gers returned to winning ways in the Scottish Championship with a comfortable 4-0 triumph.
The former Sunderland and Leicester City striker’s performance against Alloa impressed Rangers boss Warburton.
“It’s really pleasing, a forward want to score goals and we said right at the start of the season that Martyn just needs to play games,” the Englishman told Rangers’ official website.
“So he’s getting the games under his belt now, he can play centre and he can play wide, very effective and good quality on the ball, good retention of the ball as well.”
Against Alloa, Rangers had 70% of the possession, took 25 shots of which 11 were on target, and earned nine corners.
Warburton’s side are at the top of the Scottish Championship table at the moment with 36 points from 13 matches, five points clear of second-place Hibernian.