What does BINARY-BARRIER OPTION mean?

BINARY-BARRIER OPTION meaning in Law Dictionary

hybrid associated with BARRIER CHOICE and BINARY SOLUTION that grants the buyer a payoff corresponding to a set money or ASSET quantity if price of the root market reference breaches the BARRIER. Reward could be immediate or at expiry for the agreement. Also known as an AMERICAN BINARY CHOICE, ONETOUCH CHOICE. See additionally ASSETAT EXPIRY SOLUTION, ASSETATHIT OPTION, ATEXPIRY SOLUTION, ATHIT CHOICE, CASHATHIT CHOICE, CASHATEXPIRY SOLUTION.