Barrier options

In finance, a barrier option, also known as knock out option, is a type of financial option where the option to exercise depends on the underlying crossing or reaching a given barrier level. Barrier options were created to provide the insurance value of an option without charging as much premium. For example, if you believe that IBM will go up this year, but are willing to bet that it won't go above $100, then you can buy the barrier and pay less premium than the vanilla option.
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Option contracts  with trigger points that, when crossed, automatically generate buying or selling of other options. These are exotic options.