Capped Option
An option with a pre-established profit cap. A capped option is automatically exercised when the underlying security closes at or above (for a call) or at or below (for a put) the Option's cap price.
Investopedia Commentary
This can also be referred to as a capped-style option.
Related Links
Options Basics Tutorial
See also: Call, Index Option, LEAPS, Options contract, Put, Strike price