When user wants to save a code that contains the pipe ('||') in the Code Template, Toad will convert the pipe into a single vertical bar. For example, user saves "SELECT 'a' || 'b' FROM DUAL" as PIPE in the Option Editor | Code Template. In the SQL Editor Window, user types in PIPE and hits Shift + Space Bar. Toad will display the statement as "SELECT 'a' | 'b' FROM DUAL".
Toad's editor component uses the pipe to define the cursor location after the code is placed in the editor. As a result, it recognizes the pipe as a cursor location and not a join symbol.
Add an extra pipe in the code (ex. SELECT 'a' ||| 'b' FROM DUAL).