Trade Smart: InfoStation

This page contains information not necessarily specific to OO, but relevant for options trading in general.

390 Profession Order 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, cancelled, 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 such documentation, brokers may be required by law to apply withholding taxes on certain U.S.-based payments/income. Treatment can vary by instrument type and by any applicable tax treaties. Specific requirements, rates, and processes are determined by applicable laws and regulations and your broker’s policies and 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 instances where Schwab (ToS) will manually fill orders over quantity 50. This may have an impact on automation, and users may wish to limit sizing below 50, or reach out to Schwab for clarification on their individual accounts settings for manual fills.

API/Broker/Platform issues

Users of the automation platform should be following the #known-issues channel on the Discord.

Assignable Tickers

Automating options trades with assignable tickers (i.e. non index options— examples being SPY, IWM, QQQ, Apple, Tesla) carries inherent complexity due to assignment risk. Brokers handle this differently. End of day trading/holding of these symbols can increase complexity and risk depending on the user's account size.

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 connections.

Changing Account/Updating Active Strategies with Open Trades

To modify account assignment or update an active strategy with open trades:

• Create/Copy and activate your new strategy with desired changes and account assignment

• Select "Pause Opening Trades" on the original (old) 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 remaining trades)

Note: Ensure your new strategy is active before pausing the original one. After deactivating the original strategy, you can archive it — this will keep the results in the 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".