A type of binary option that pays out when the price of the underlying asset falls beneath the strike price of the option at expiration. (financialtrading.com)
In this case the price of the underlying asset is beneath the strike price of the option in the case of call options or above the price of the option in the case of put options. (financialtrading.com)
This describes an option where the price of the underlying is greater than the strike price of the option, in the case of call options and below the price of the option in the case of put options. (financialtrading.com)