Please explain pegged orders

Imported from previous forum

I’ve tried searching for information on pegged orders but there doesn’t seem to be something that explains what it’s strength is.

Can someone explain the advantage of a pegged order over another?

From a trading perspective, what can it do for me that other order types cannot? I trade forex.

For example, Can it help get better fills? or does it help when market is volatile.

thanks in advance.