Anda dapat menulis ulang itu dengan mendorong sub kueri agar tidak bergabung di luar:
select Count(C.setid)
from mycustomer C
left outer join (select *
from mycustoption co
where co.effdt <= (select Max(COI.effdt)
from mycustoption COI
where COI.setid = co.setid
and COI.cust_id = co.cust_id
and COI.effdt <= sysdate)) co
on ( C.setid = CO.setid
and C.cust_id = CO.cust_id )