A very expensive way to fence a area in....
.. this is 5' high and 12' long at a cost of $89.99 for the economy one at Tractor Supply
...this is livestock panels 50" high and 16' long at a cost of $39.99 each. These are the cheapest panels to purchase, horse is $54.99 for that rectangular design of 48" high and 16' long..
...this is horse fencing 48'' high and 200' long at a cost of $249.99 per roll.
Each of those products shown needs
posts to secure to the ground so scratching horses don't topple it over.
Much depends upon how much money you want to invest and how long you want that investment to stay put in place...
And many use... goat/sheep fence because the openings are 4"x4" and so much harder for a hoof to go through for cost of $249.99 for 48" high by 330' long...suddenly your products needed list just decreased in amount.
And even more use field fence at the cost of $159.99 for 48" high by 330' long. The openings are larger and yes a hoof can slip through if you have a horse who likes to hang around and play on the fence line, dig or strike.. All fence though to strengthen it needs posts of some sort used.
I prefer wood not metal posts myself and spacing 8' on center cause it adds strength but if your panels are 16' then at panel end but they can and do move, wobbly would be my description if just wired together.
All in how long you want the project to last, how much $ you have to invest, how much labor/sweat equity you plan on investing.
I also have top-boarded my fence wire so my horses do not lean over, bend down and break my fence.
I do not do electric nor barb wire which many by me do as a top-strand for the exact same reason I top-board...added strength.
And lastly, fence comes in different price ranges because it is different thickness of wire used.
I used the thickest of wire available so lasts the longest and less times I need to do the job and swallow another cost outlay. Happy research and shopping...