Overview:
Traders may only have 3 volatility based orders active in a single account at any given time.
Background:
Additional information regarding volatility orders can be found here.
Description:
The message "limit on concurrent pegged-to-stock and volatility orders exceeded" will appear when a trader has 3 working volatility orders and attempts to be a 4th. When this message appears, the first three submitted orders will not be affected and the 4th order will rejected.
Solution:
Traders may choose to cancel one of the three working orders in their account in order to be able to submit a new volatility order. The working quantity limitation cannot be overridden.