This site-wide option will force all the price sliders into adjusting their ranges depending on current filters combinations. This means that the static range limits defined by the price filter settings will get auto-disabled!
This option uses the WooCommerce products meta lookup tables that should be present in any recent WooCommerce installation. If you have noticed that your site misses this table, you can temporarily enable the Use the product attributes lookup table for catalog filtering (Enable table usage) setting of the WooCommerce > Settings > Products > Advanced admin screen, or force the WooCommerce product lookup tables regeneration in WooCommerce > Status > Tools.