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Daily limit

The maximum price advance or decline from the previous day's settlement price of a futures or option that is permitted during one trading session.

For example, the daily limit for canola futures traded on ICE Futures Canada is $45 per tonne. On certain markets, once the daily limit is reached, trades can be made beyond that limit after a certain period of time. In general, the exchange has the power to move the daily limits based on price volatility.