Barrier Option
A type of option whose payoff depends on whether or not the underlying asset has reached or exceeded a predetermined price.
Investopedia Commentary
A barrier option is a type of exotic option. It can be either a knock-in or a knock-out.
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See also: Asset-Or-Nothing Call, Asset-Or-Nothing Put, Cash-Or-Nothing Call, Cash-Or-Nothing Put, Exotic Option, Knock-In Option, Knock-Out Option, Option, Underlying