Limit number of characters in Custom view

The easy way http://php.net/manual/en/function.substr.php

This does not seem easy. I found this searching around it works but is there a way to add .....More at the bottom of the limit.

So it looks better rather than chopping of a word half way through, or could this be changed to count words not characters
//Truncate field text

$lenght_limit = 200; //limit to this number of characters

$actual_length = strlen($value); //count characters in the $value

$mytext = $value;

$mytext = substr($mytext,0,$lenght_limit ); //picks up characters from left to right starting at position zero all the way to 25
//Truncate if exceeds $chars value!

if($actual_length <= $length_limit){

$value = $mytext;

} else {

$mttext = $mytext."...";

$value = $mytext;

}

explode (http://php.net/manual/en/function.explode.php) can help you to limit by words.