Measuring cosmological distances by coalescing binaries
  Gravitational waves detected from well-localized inspiraling binaries would allow us to determine, directly and independently, binary luminosity and redshift. In this case, such systems could behave as "standard candles" providing an excellent probe of cosmic distances up to z <0.1 and complementing other indicators of cosmological distance ladder. 
Ivan De Martino, Salvatore Capozziello, Mariafelicia De Laurentis,   Michelangelo Formisano
astro-ph.CO