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Option Contract Styles

Test your knowledge of various option contract styles and types.
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Last updated: November 1, 2025
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First submittedNovember 1, 2025
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Offers the right to exercise at any time before expiry.
American
The holder may only exercise at expiry.
European
The holder may exercise on a limited discrete set of periods before expiry.
Bermudan
Only two possible terminal values.
Binary
Settles on the average of readings over a fixed period.
Asian
The underlying price must pass a fixed threshold before expiry.
Barrier
The underlying price must pass two distinct thresholds before expiry.
Double Barrier
Allows exercise into variable quantities of the underlying (primarily used in energy markets).
Swing
An option that settles in a currency different than that of the underlying/strike price.
Composite
A type of the above option that shields the holder from foreign exchange risk.
Quanto
Settles on the weighted average of several underlying assets.
Basket
A type of the above option where the underlying asset weights depend on their terminal values.
Rainbow
Offers the right buy (sell) the underlying asset at its lowest (highest) price over a fixed interval before expiration.
Lookback
The holder may decide whether the option becomes a put or call during a fixed interval after purchase.
Chooser
The strike price is decided on a future date.
Forward Start
The premium is deferred until expiry.
Boston
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