Hello FSU, Thank you @FSU. So, if I am entering Calls options on SPY with contracts above 390 everyday, this is against the rules?
If you enter more than 390 orders on a per day average in a month, you will be considered a Professional Customer and will have the restrictions I mentioned earlier, for the following quarter. Quantity and price changes in an existing order count as a new order. Again, this has nothing to do with the quantity of options you trade, the number of trades you make or the amount of options in an order. The rule speaks to the orders you enter.
as it says 2 posts up .... If you enter more than 390 orders (FOR OPTIONS) on a per day average in a month, you will be considered a Professional Customer
I suggest you read the rule RG16-064 i uploaded. We are asked to count orders not executed orders. If there are 20 trading days in a month, 390*20=7,800 - in that month you can’t send more than 7800 orders, which BYW, is one a minute. It is not “against the law” to do it, you just get tagged as a pro- customer for the next quarter.
Anyone know if pegged orders that have prices changed by their broker count as a new order? Or would it have to be an order parameter change directly submitted by the customer themself to count as a new order?
You need to ask your broker as this order type is typical of an ALGO ticket. You need to ask if the ALGO creates child orders from one ticket or new orders for each price change.