Tested the issue on the reported version 62.0.3202.94 and M-50 build (50.0.2641.0) 
Observations when ""Use a prediction service to help complete searches and URLs typed in the address bar"" is checked and unchecked:
i) When ""Use a prediction service to help complete searches and URLs typed in the address bar"" is checked, browser wil provide the suggestions with magnifier symbol preceding to it
ii) When ""Use a prediction service to help complete searches and URLs typed in the address bar"" is unchecked, browser will suggest only related URL's from the history


@Reporter: Can you please let us know if you are seeing the same from your end and verify the attached video and let us know if we have missed anything. This would help in further triaging of the issue.

Thanks!

Deleted: 787739.ogv 8.1 MB

	787739.ogv 8.1 MB View Download

I guess what you're describing are completions based on your local history, not completions from a web service

Yes, it shows results from my local history.  For example I frequently use IP addresses in my search bar to reach local HTTP servers and it will auto complete to an incorrect IP I have visited before.

For example if I navigate to 192.168.2.10 it will auto complete to 192.168.2.102 and I will have to hit backspace before hitting enter or it will go to the wrong IP.

Thank you for providing more feedback. Adding requester "divya.padigela@techmahindra.com" to the cc list and removing "Needs-Feedback" label.

For more details visit https://www.chromium.org/issue-tracking/autotriage - Your friendly Sheriffbot

I'm afraid there's nothing to do here.  The chromium team has decided against adding an option of disabling suggestions that come from a user's local history.  If a suggestion is coming up that you absolutely don't want, delete it from your local history.  If you still want the suggestion in some contexts, but not this one, be assured that if you keep selecting the right suggestion, the omnibox will learn which one you prefer.  And if you think the omnibox is unjustified in giving the .102 suggestion, let us know.  In this case, please submit chrome://omnibox output for the input in question (in this case "192."). Check both the “show all details” and “show results per provider” boxes. This will help us figure out why the omnibox is putting the incorrect suggestion first.

Feel free to paste the results in here unformatted; we’ll be able to decipher them.

I'm marking this bug as RestrictView-Google, so whatever data you paste into this bug will not be made public.  (It will be restricted to Google people working on Chrome.)

Okay, I will switch back to firefox until I can spend time to modify the Chrome source code myself.  This is causing me major delays in getting work done as I need to enter URL's with the same prefix hundreds of times per day.