There are a few restrictions regarding indicator constraints:
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The constraint must be linear; a quadratic constraint is not allowed to have an indicator constraint.
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A lazy constraint cannot have an indicator constraint.
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A user-defined cut cannot have an indicator constraint.
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Only z= 0 (zero) or z=1 (one) are allowed for the indicator variable because the indicator constraint implies that the indicator variable is binary.
ILOG CPLEX does not impose any arbitrary limit on the number of indicator constraints or indicator variables that you introduce, but there may be practical limits due to resources available on your platform.