I finished making a font on FontCreator, and I'm using Microsoft VOLT to add OpenType features. I added in all the ligatures, and the ff, fi, fl, and tt ligatures work (all the 2 character ones). However the three character ligatures will not work (ffi and ffl). Instead it shows the ff ligature plus the i or l separately. I tried installing the font to see, and it does the same thing in Photoshop. Now comes my second problem. The font won't save as .otf! Even though I save the format in VOLT as .otf, and even though Windows Explorer shows it as an "OpenType font file" (instead of "TrueType font file"), when I install the font, all my programs (Word, Photoshop, etc.) treat it as a TTF file, with the accompanied TTF logo next to the font name in the dropdown menu. Thus, ligatures will show on Photoshop (with the aforementioned ligature problem), but it won't work on Word since ligatures and old-style numerals only work with OTF. Does anyone know what's wrong and how to fix this?

Your opentype is a OpenType TT fonts (.TTF).

I know that TTF is part of OpenType. My problem is that I want to save the font in .OTF format, but it always shows up as .TTF format in programs like Microsoft Word, where OpenType features only work with .OTF files.

Opentype .ttf or .otf, they have the same table.
TrueType outlines use quadratic Bézier splines. OTF outlines use cubic Bézier splines.

Okay, but that's beside the point. Would you happen to know why the font shows up in programs as TTF even though I saved it as OTF? And would you also happen to know why my 3-character ligatures don't work right, even though I programmed it correctly?

Look at OTM light / GPOS/GSUB Viewer / Ligature Substitution:


http://www.fonttools.org/downloads/OTMA/OTM_Light_200_WIN.zip