Peg to LImit Price (40=P and 18=d) Understanding

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Imported from previous forum

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Hello,

Would like to inquire about the concept surrounding “Peg to Limit Price.” IN FIX, this can be denoted as 40=P (Pegged) and 18=d (Peg to Limit Price). My question is does this imply that a limit price must be specified on the order (i.e. tag 44) or is the offset (i.e. tag 211) used as the limit price in this case? Or, can it imply using tag 44 or 211 when specify such an order? Or, do you not need to specify a limit price (tag 44) or offset (tag 211)?

I would gladly appreciate the help.

Thanks,

Dwayne