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.

How Orders Are Counted Under the 390 Rule

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

✅ Single-Leg Orders

Each individual buy or sell order is counted separately.

✅ Complex Orders

• 8 legs or fewer → Counts as 1 order

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

✅ Cancel and Replace Orders

• Each modification counts as a new order

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

✅ 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.

For a full breakdown of order classifications, refer to the CBOE Regulatory Notice: https://cdn.cboe.com/resources/regulation/circulars/regulatory/RG16-064.pdf