Trade Smart: InfoStation
This page contains information not necessarily specific to OO, but relevant for options trading in general.
390 Professional Orders Rule ("390 Rule")
The 390 Professional Orders Rule classifies options traders as "Professional" based on their order volume. This requirement, imposed by U.S. options exchanges, ensures retail traders maintain order execution priority over high-volume traders.
Averaging 390 or more options orders across all exchanges per day during any calendar month triggers "Professional" classification for the following calendar quarter. All submitted orders count toward this threshold, including filled, canceled, and rejected orders. Multi-leg spread strategies count as single orders.
Orders from traders classified as "Professional" are treated the same as broker-dealer orders for execution priority and fees. Additional information can be found here.
Note: The 390 threshold corresponds to the 390 minutes in a standard trading day (9:30 AM to 4:00 PM Eastern Time), representing the theoretical maximum of one order per minute throughout the trading session.
Trading U.S. options as a non-U.S. citizen
Non-U.S. citizens trading U.S. options typically need tax-residency documentation on file with their broker, such as W-8 series forms. Without that documentation, brokers may be required by law to apply withholding taxes on certain U.S.-based payments or income. Treatment can vary by instrument type and by any applicable tax treaties. Specific requirements, rates, and processes are determined by applicable laws, regulations, and your broker’s policies, and they may change over time. Note: This section is for general information only and is not tax, legal, or investment advice.
Quantity 50 Orders on Schwab
Users have reported cases where Schwab (ToS) manually fills orders over quantity 50. This may affect automation. Users may want to limit sizing below 50 or contact Schwab for clarification on their individual account settings for manual fills.
API/Broker/Platform issues
Users of the automation platform should follow the #known-issues channel on Discord.
Assignable Tickers
Automating options trades with assignable tickers, meaning non-index options such as SPY, IWM, QQQ, Apple, or Tesla, carries inherent complexity due to assignment risk. Brokers handle this differently. End-of-day trading or holding in these symbols can increase complexity and risk depending on the user’s account size.
Some American-style ETF options continue to trade past regular hours and do not settle until 4:15 PM ET, including SPY, QQQ, IWM, TLT, and GLD. For these symbols, OO will attempt to exit any expiring ITM options until 4:15 PM ET to reduce exercise and assignment risk.
Execution Speed
The OO automation platform allows rapid order iterations. One-second modifications for entry or exit may be too fast for some brokers, depending on the user’s location and connection quality.
Profit Target order being filled out of RTH
By default, the automation platform submits profit target limit orders that rest on the broker side, which can occasionally result in fills outside regular trading hours, or RTH.
Where a fill lands relative to RTH depends on the settlement type of the product (see CBOE: Equity Options Extended Trading Hours FAQ):
Cash-settled index options
SPX and XSP
9:30 AM–4:15 PM ET
4:15 PM–5:00 PM ET
Physically-settled, select designated ETFs/ETNs
SPY, QQQ, IWM, TLT, GLD
9:30 AM–4:15 PM ET
N/A
Physically-settled, standard equities/ETF options
AAPL, TSLA, AMZN, MSFT, NVDA
9:30 AM–4:00 PM ET
4:00 PM–4:15 PM ET
For standard physically-settled options (AAPL, TSLA, AMZN, MSFT, NVDA, and similar tickers), RTH ends at 4:00 PM, followed by a brief Curb session through 4:15 PM. This is part of the standard closing process for these options on the exchange side, not a broker-enabled extended-hours feature, so it applies to fills across all three supported brokers (Tradier, tastytrade, and Schwab). When a profit target order fills during Curb, the automation platform detects and records it normally.
Select designated ETFs/ETNs (SPY, QQQ, IWM, TLT, GLD) don't hit this Curb window — their RTH already extends through 4:15 PM (see Assignable Tickers above), so a fill anytime up to 4:15 PM is still a normal RTH fill.
Cash-settled index options (SPX and XSP) also carry RTH through 4:15 PM, with any Curb session running 4:15 PM–5:00 PM ET. Trading these outside RTH depends entirely on the broker:
Tradier’s extended-hours trading is available only on SPX and XSP (see Trading in the Pre and Post Market Sessions @Tradier Brokerage):
Pre-market: 8:10 AM – 9:30 AM ET
Post-market: 4:15 PM – 5:00 PM ET (Curb)
tastytrade’s Global Trading Hours (GTH) is available on SPX and XSP (see Global Trading Hours: 24 Hours Trading on Cboe Index Options):
GTH: 8:15 PM – 9:25 AM ET
Curb: 4:15 PM – 5:00 PM ET
Schwab does not support extended-hours trading on any product, so no fills are possible for Schwab beyond 4:15 PM.
Any fills after 4:15 PM will not be picked up until the next market open, once active management resumes. In all cases, the recorded premium reflects the value reported by the broker for the closed resting order.
Note: Automation platform does not manage trades after 4:00 PM ET (see When does the automation platform start? and OO closed a position after 4 PM, but I thought it only traded between 9:32 AM – 3:59 PM ET. Why did this happen?). Please refer to your brokerage's website for detailed information on which order types are supported out of RTH.
Changing Account/Updating Active Strategies with Open Trades
To modify account assignment or update an active strategy with open trades:
Create or copy and activate your new strategy with the desired changes and account assignment
Select "Pause Opening Trades" on the original active strategy with open trades
Wait for all existing trades to close in the original strategy
Deactivate the original strategy Use "Halt Management" only if you plan to manually manage any remaining trades
Note: Ensure your new strategy is active before pausing the original one. After deactivating the original strategy, you can archive it. This keeps the results in Reporting. If you remove the deactivated strategy, you will permanently delete all associated data from Reporting.
Note: For an active strategy that does not have live trades, you can simply choose Edit Strategy and Save.
XSP — automation and modeling only, no backtesting
XSP is available for modeling and automation. It is not available for backtesting due to liquidity.
For more information, watch this.
Knowledge Base
Since the automation platform launched, we’ve seen a few situations that are not common enough for the FAQ but still warrant a mention. They are listed below, and we will keep adding to this list.
Two trades canceled each other and I have Move Exact Strike Offset selected. Why?
This can happen if the user has trades that overlap and enter in the same minute. Users can change the timing or account assignment of a trade where this could happen.
Pricing is different between OO and the broker on spreads. Why?
Brokers typically use average cost for the same strike across multiple trades. OO uses the actual price paid for the option.
Why did my trade not open?
Go to the strategy page, click Activity Log, then Show Debug. This is the first step and usually contains the answer.
Why did my order fail a preflight check?
The preflight check is not related to the API. You should usually find the answer by following the Activity Log instructions above. If not, call your broker.
Why did my order fail an order preview?
The order preview is not related to the API. You should usually find the answer by following the Activity Log instructions above. If not, call your broker.
Why did my order get canceled by the broker?
Reasons vary. Call your broker.
The broker closed my order early on SPX. Why?
Reasons vary. Call your broker. Brokers evaluate risk differently. They typically assess total account risk, not groupings of individual trade structures.
The broker closed my order early on QQQ, SPY, or similar symbols. Why?
Reasons vary. Call your broker. Assignable securities carry additional risks. Brokers typically assess total account risk, not groupings of individual trade structures.
Management was halted. Why?
Reasons vary. Once an automated strategy is halted, the automation platform no longer manages it, and the user must manage it manually.
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