Up-and-In Option
An option that can only be exercised when the price of the underlying asset reaches a set barrier level. This is a type of a knock-in barrier option.
Up-and-Out Option ...
(Source: Pratt, Tom. "Goldman modifies 'Mips' to land Grant Met deal." IDD, Nov. 7, 1994, p. 11.) Up-and-in Option An option that pays off nothing, unless the underlying price rises to an upper barrier. Cf. Up-and-out Option.
Three types are: down-and-out options, up-and-in options, and early-exercise trigger CAPS options. Barrier options are one type of trading strategy that an options trader will use to create profits. Also called knock-in or knockout options.
this type of contract is not an option until a certain price is met, so if the price is never reached it is as if the contract never existed. Knock-ins are a type of barrier option that may be either down-and-in option or an up-and-in option.
 See also: Market, Underlying, Option, Stock, Share
  
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