Definitions for "Binary Option"
An option where the payout is predetermined and is not dependant on the price move of the underlying asset. Also known as a Digital option, and All-or-nothing option.
a financial instrument that pays a predetermined amount (payoff) if a specified outcome is achieved by the expiration date or pays nothing (risk) if the outcome is not met
an option with a fixed, predetermined payoff if the underlying instrument or index is at or beyond the strike at expiration