If you set "Range checking" to Notify, CVI will show an ugly popup when you enter a value out of range.
If you set it to "Coerce", an EVENT_VAL_COERCED will be really useful if you want to show a nicer popup, for example.
I know you can obtain the same result with some workarounds, but they require additional code.
Vix
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In claris non fit interpretatio
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Using LV from 7
Using LW/CVI from 6.0