An option to exercise on a bundle of vanilla options with the same expiration date but different strike prices, optionalities (callability and puttability), and underlying assets. At expiration, the holder is allowed to exercise only one of the options in the bundle, naturally the one with the highest payoff. Such an option can be of interest to a holder who seeks to increase the payoff. Originally, the maximum option is a variation on rainbow option. A maximum option is the opposite of a minimum option. Together, maximum options and minimum options are dubbed min-max options.