MySQL gives error: "Query 1 ERROR: This version of MySQL doesn't yet support 'LIMIT & IN/ALL/ANY/SOME subquery'" on update

Question

I am running the query:

UPDATE lookup 
    set label = 'ATM' 
where id in (select id 
                from lookup 
                where option_type = 'put' 
                and label = 'OTM' 
                order by strike_price desc 
                LIMIT 1
            ) 

which gives the error:

Query 1 ERROR: This version of MySQL doesn't yet support 'LIMIT & IN/ALL/ANY/SOME subquery'