Double digital option
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A double digital option is a particular variety of option (a financial derivative). At maturity, the payoff is 1 if the spot price of the underlying asset is between two numbers, the lower and upper strikes of the option; otherwise, it is 0.
A double digital option is similar to the exotic option with a few exceptions. for instance a double digital option has two strike prices that is the expected price during the trade season. The option has two types of strikes namely the lower and the upper strikes.{{cite web |url=http://www.binaryoptionsblacklist.com/exotic-and-double-digital-options/ |title=Exotic And Double Digital Options |date=May 18, 2013 |publisher=BOB |accessdate=11 July 2013}}
A double digital with lower strike K1 and upper strike K2 can be replicated by going long a digital option with strike K1 and short another digital option with strike K2.{{Cite journal |last=Park |first=Bearbear |title=An Introduction to Quantitative Finance |url=https://www.academia.edu/34278788/An_Introduction_to_Quantitative_Finance}}