Bid cap
Bid cap is a Meta bid strategy that sets a hard maximum bid in the auction itself — the most controlling and least forgiving option, used by advertisers who know their marginal value per action and manage to it deliberately.
A bid cap tells Meta never to bid above a set amount, even in auctions that would have been profitable. That makes it powerful for sophisticated advertisers managing to a known marginal value, and dangerous for everyone else: set it wrong and delivery collapses, because the system exits auctions above the cap.
Bid cap is a specialist tool, typically for large accounts with strong measurement. The rule of thumb: if you are not certain you need a bid cap, you do not — highest volume or a cost cap will serve better without the delivery risk.
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