Limit Move

The maximum fluctuation in price in a day’s trading session permitted on some futures exchanges and options, leading to the phrases ‘limit up’ (on a rise) and ‘limit down’ (on a fall). COMEX had a limit of $25 an ounce but this has been removed. On TOCOM the Daily Price Fluctuation Limit varies according to the standard price (the average of the closing prices on the preceding business day for all contract months except the nearest contract month).