Chameleon Option
An option that has the ability to change its structure, should certain pre-determined terms of the contract be met.
Investopedia Commentary
An example of a chameleon option would be a put option that automatically changes into an identical call option after the price of the underlying exceeds a certain price.
This is similar to a long or short straddle except investors aren't required to open two positions.
See also: Call, Exotic Option, Put, Straddle, Synthetic, Underlying