Under the legacy FINRA pattern-day-trader framework, still applicable at firms that have not transitioned to the new intraday margin standards, how many or more day trades within five business days meet the count threshold (assuming they exceed 6% of total margin-account trades)?

Why C — 4

The legacy threshold is four or more day trades within five business days, provided those day trades represent more than 6% of total trades in the margin account during that period. A day trade generally means buying and selling (or selling short and buying to cover) the same security on the same day. FINRA Regulatory Notice 26-10 replaces the legacy day-trade count and $25,000 pattern-day-trader minimum with intraday margin standards. The amendments became effective June 4, 2026; firms may phase in implementation until October 20, 2027. During the transition, a firm that has not implemented the new standards may still apply the legacy requirements. This does not mean all firms have already removed the $25,000 requirement.