I did that a few days ago. I set it at $4.50. The lady at Scottrade said if it was set too far away from the current price, they won't report it to the MM's. I think she said as long as you don't set it higher than 20%, they'll report it. I was going to put it at $8.00 but didn't because of what she told me.
Now I just have to make sure to change it when we get close to $4.00... LOL!