Definitions for "lookback option"
Call or put option whose strike price is not determined until the option is...
An option which involves the strike price being set at - from the buyer's perspective - the most favourable rate/price available during the life of the option, or a defined part of it.
An option that lets the holder "look back" at the prices of the underlying asset during the life of the option and select the ideal price to exercise at.
Keywords:  lambda, leg
Keywords:  loophole, loose, credit
Loophole Loose credit