This effect cannot be chained to the activation of the effect of an already face-up Continuous Trap Card, like "Ultimate Offering". It can only be chained when a Trap Card itself is activated (ie., flipped face-up).
This effect is a Spell Speed 2 Multi-Trigger Effect. Therefore, it cannot be chained to the activation of a Counter Trap Card.
This effect can be activated multiple times in the same chain, but only once for each Trap Card activated.