Exotic options are a category of options contracts that differ from traditional options in their payment structures, expiration dates, and strike prices. The underlying asset or security can vary with exotic options allowing for more investment alternatives. Exotic options are hybrid securities that are often customizable to the needs of the investor. Exotic options usually trade in the over-the-counter (OTC) market.
奇异期权是一种不同于传统期权的期权，不同之处包括支付结构、到期日期和执行价格。标的资产或证券随奇异期权的不同而不同，投资选择变多。奇异期权是一种混合证券，通常可以按照投资人的需求进行定制。奇异期权通常在场外交易。
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As you may imagine, there are many types of exotic options available. Below are several of the most common types you may see.
下面列举一些比较常见的奇异期权。
Chooser option
Chooser options allow an investor to choose whether the option is a put or call during a certain point in the option's life. Both the strike price and the expiration are usually the same, whether it is a put or call. Chooser options are used by investors when there might be an event such as earnings or a product release that could lead to volatility or price fluctuations in the asset price.
选择人期权允许投资人在期权期限内某一时间点选择该期权是看涨期权还是看跌期权。无论是看涨期权或是看跌期权，执行价格和到期日期通常是一样的。若发生盈利或产品发布等可能导致资产价格波动的事件，投资人会选择使用选择人期权。
Compound option
Compound options are options that give the owner the right—not obligation—to buy another option at a specific price on or by a specific date. Typically, the underlying asset of a traditional call or put option is an equity security. However, the underlying asset of a compound option is another option. Compound options come in four types:
复合期权赋予期权持有人在特定日期以前或当日以特定价格购买另一期权的权利（并非义务）。通常情况下，传统的看涨期权或看跌期权的标的资产是权益证券。但是，复合期权的标的资产是另一种期权。复合期权有下列四种类型：
1. Call on call（看涨期权的看涨期权）
2. Call on put（看跌期权的看涨期权）
3. Put on put（看跌期权的看跌期权）
4. Put on call（看涨期权的看涨期权）
Barrier option
Barrier options are similar to plain vanilla calls and puts, but only become activated or extinguished when the underlying asset hits a preset price level. In this sense, the value of barrier options jumps up or down in leaps, instead of changing price in small increments. These options are commonly traded in the foreign exchange and equity markets.
障碍期权与标准看涨期权和看跌期权相似，但只能在标的资产达到预先设定的价格水平时有效或失效。从这个意义上来看，障碍期权的价值是大幅度增加或降低，并非小幅度价格变动。这些期权通常在外汇市场和股票市场交易。
Binary option
A binary option, or digital option, pays a fixed amount only if an event or price movement has occurred. Binary options provide an all-or-nothing payout structure. Unlike traditional call options, in which final payouts increase incrementally with each rise in the underlying asset price above the strike, binaries pay a finite lump sum if the asset is above the strike. Conversely, a buyer of a binary put option is paid the finite lump sum if the asset closes below the stated strike price.
二元期权（又称为数字期权）仅在发生某种事件或价格变动的情况下支付固定金额。其采用的支付结构是全有或全无结构。若标的资产价格超过执行价格，传统的看涨期权最终支付的金额会随之递增，但是二元看涨期权则是一次性支付有限的金额，且二元看跌期权也是一次性支付有限的金额。
Bermuda option
Bermuda options can be exercised at preset dates as well as the expiry date. Bermuda options might allow an investor to exercise the option only on the first of the month, for example.
百慕大期权可在预先规定的日期和到期日行使。比如，百慕大期权可能只允许投资人在每月的第一天行权。
Asian option
Asian options take the average price of the underlying asset to determine if there is a profit as compared to the strike price. For example, an Asian call option might take the average price for 30 days. If the average is less than the strike price at expiration, the option expires worthless.
亚式期权根据标的资产的平均价格确定是否获利（相较于执行价格）。比如，亚式看涨期权可能会根据30天内的平均价格确定。如果到期时平均价格低于执行价格，则该期权到期时毫无价值。
Shout option
A shout option allows the holder to lock in a certain amount in profit while retaining future upside potential on the position.
呼叫期权允许持有人锁定一定利润，又可以享受未来产生的利润。
英文来源：Investopedia
文章来源：译问
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