A hybrid of the BARRIER OPTION and BINARY OPTION that grants the buyer a payoff equal to a fixed cash or ASSET amount if the price of the UNDERLYING market reference breaches the BARRIER. Payoff may be immediate or at expiry of the contract. Also known as an AMERICAN BINARY OPTION, ONETOUCH OPTION. See also ASSETAT EXPIRY OPTION, ASSETATHIT OPTION, ATEXPIRY OPTION, ATHIT OPTION, CASHATHIT OPTION, CASHATEXPIRY OPTION.
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