One warning signal in itself limits banter (10)

I believe the answer is:

persiflage

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'banter' is the definition.
(I know that persiflage is a type of banter)

'one warning signal in itself limits' is the wordplay.
'one' becomes 'i' (Roman numeral).
'warning signal' becomes 'flag' (flag is a kind of signal. I am not sure about the 'warning' bit.).
'in itself' becomes 'perse' (I've seen this in another clue).
'limits' indicates putting letters inside (limit can mean to contain or block off).
'i'+'flag'='iflag'
'iflag' placed inside 'perse' is 'PERSIFLAGE'.

Can you help me to learn more?

(Other definitions for persiflage that I've seen before include "Rallying" , "Light mockery, banter" , "Railing" , "Light-hearted banter" , "Badinage, banter" .)

I've seen this clue in The Times.

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