Why is my overdrive not working?

I have a pretty old mustang it's ford mustang 2000 with 194k miles and when i turn the car on I assume it's on since the OD off light doesn't show up, but when I drive it doesn't go passed 40MPH, but when I turn it off, it goes way faster. Isn't it supposed to be the other way around? This just happened out of know where.

Your overdrive passages might be clogged whens your last filter change tranmission filters need replacing every 20000 miles this is most likely your problem

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