Taiwan's 10% daily price limit (limit-up/limit-down), explained
Last updated: 2026-08-19
Most stocks on the Taiwan Stock Exchange can move at most 10% above or below the opening auction reference price (normally the prior close) on any single trading day — the ceiling is "limit-up" (漲停), the floor is "limit-down" (跌停). Newly listed stocks and some ETFs are exempt. Not investment advice.
How the 10% limit is calculated
The limit-up price = benchmark price × 1.1; the limit-down price = benchmark price × 0.9. Example: if the benchmark (usually the prior close) is NT$40.60, limit-up is NT$44.65 and limit-down is NT$36.55. The result is rounded to the nearest valid tick size for that price range (e.g. NT$0.05 for lower-priced stocks) — TWSE publishes the actual limit-up/limit-down price for every stock each trading day.
The rule was 7% until 2015
The daily price limit was widened from 7% to the current 10% on 2015-06-01, to bring Taiwan closer to international norms and let prices reflect fundamentals more efficiently. Older articles or textbooks citing "7%" are describing the pre-2015 rule, not the current one.
Exceptions: who does NOT follow the standard 10%
New listings, first 5 trading days: no price limit at all, so the market can find a fair opening value. Corporate bonds: a narrower 5% band; government bonds and foreign bonds: no limit. Warrants (權證): limited by the underlying security's move × the exercise ratio; warrants on foreign indices: no limit. Domestic-component ETFs: the standard 10%; ETFs/ETNs with foreign components or that track futures: no limit during regular trading. Leveraged/inverse ETFs: the 10% is multiplied by the fund's leverage multiple (e.g. a 2x fund uses a wider band).
What "benchmark price" means when it isn't yesterday's close
The opening auction reference price is normally the previous trading day's closing price, adjusted for events like ex-dividend or ex-rights (see our ex-dividend reference price guide). Separately, TWSE also runs an intraday circuit-breaker mechanism: if a stock moves sharply during continuous trading, the reference price for that specific volatility check can shift to a 5-minute weighted-average price after 9:05am — that is a different, narrower mechanism from the daily 10% limit.
FAQ
What is the daily price limit on Taiwan stocks?
10% above or below the opening auction reference price (usually the prior close) for most stocks — the current level since 2015-06-01, up from 7% before that.
Do newly listed stocks have a price limit?
No — for their first 5 trading days, newly listed common stocks trade with no price fluctuation limit at all.
Does the 10% limit apply to ETFs?
Domestic-component ETFs follow the standard 10%. ETFs/ETNs with foreign securities components, or that track futures, have no price fluctuation limit in regular trading.
How do I calculate the exact limit-up/limit-down price?
Benchmark price × 1.1 for limit-up, × 0.9 for limit-down, rounded to the valid tick size for that price range. TWSE publishes the exact figure for every listed stock each trading day.
Was the limit ever different from 10%?
Yes — it was 7% before 2015-06-01, when TWSE widened it to the current 10%.
Do warrants also have a 10% price limit?
No — a warrant's limit is derived from its underlying security's price move multiplied by the exercise ratio, not a flat 10%. Warrants on foreign indices have no price limit at all.
Not investment advice. This is a factual summary of TWSE's daily price fluctuation limit rule, not a recommendation to trade at or near the limit. Source: Taiwan Stock Exchange.