Once you option someone in a year, you can bring them up and down as much as you like in that year without using another option via MLB rules. I am really unsure why OOTP has a limit for number of options in a season, but MLB rules are, as many as the parent clubs wants to do. If they do 15 in a year, they option that guy up and down 15 times. But once them 3 option years are used, of course then you must waive that player down to the minors and other teams, can try and claim them.
So yes, in OOTP there is a settable limit on how many times, you can do it in one year, but MLB rules, a parent team does not have an actual limit in a year.
https://www.milb.com/altoona/team/tr...0option%20year. For the MLB website I got the info from.
So if you wanna play by actual MLB rules you would have to go under MLB>League Settings>Rules tab, and then near the bottom change max number of options in a season, to no limit.