The optimal ranges for the formation of oxygen bubbles vary between each plant, however, only water, c02, and temperature are limiting factors for photosynthesis.
This question is based on observations made during the course of an experiment designed to measure the optimal ranges at which oxygen bubbles form, given that these are an indication of photosynthesis.
Due to this, the information given will be generalized. Firstly, there is no exact optimal range of light for the formation of oxygen bubbles (photosynthesis) given that this is not a limiting factor.
Excess of light will have no effect on photosynthesis, only the lack of light can cause negative effects, therefore any light past the minimum threshold is fine.
On the other hand, water, light, and C02 are in fact limiting factors and have optimal ranges. For water, this optimal range varies greatly and therefore I cannot offer a general value, but an excess of water will "drown" plants by not allowing the formation of air pockets in the soil.
C02 sits at an optimal range of 1,000-1,300ppm for the best results. Lower concentrations cause a lower rate of photosynthesis given that it is the primary substrate for the process to begin. At too high levels, plants will have to adapt which can slow the process.
Finally, temperature is also a limiting factor for photosynthesis. Its exact value cannot be given since it varies greatly between plant species.
However, in general, terms, since it is an enzyme-dependent reaction, we can apply the general temperature at which enzymes function best which is around 37 degrees.
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