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Help Center Trading Ability Options US Stock Option 390 Professional Orders Rule

390 Professional Orders Rule

The 390 Professional Orders Rule is a regulatory guideline established by the Chicago Board Options Exchange (CBOE) to classify high-frequency options traders as professional Trader.

Customers are classified as professional Traders if they place an average of 390 option orders per trading day in a calendar month within a quarter. 

Futu Securities/Upstream may charge additional trading fees for accounts classified as professional traders.

 

How Orders Are Counted Under the 390 Rule

Every submitted options order—whether filled, rejected, or canceled—counts toward the 390-order threshold, including:

1. Single-Leg Orders

Each individual buy or sell order is counted separately.

 

2. Complex Orders

  • 8 legs or fewer → Counts as 1 order

  • 9 legs or more → Each leg counts as a separate order

 

3. Cancel and Replace Orders

  • Each modification counts as a new order

  • Exceptions apply when replacing "child" orders within a parent-child structure


4. Pegged Orders

  • Orders that adjust based on Best Bid Offer (BBO) or National Best Bid and Offer (NBBO) count as a new order each time they update.

 

The above content is only a summary of the 390 Professional Orders Rule. For more detailed information, refer to the CBOE Regulatory Notice

 

Overview