A vanilla option which entitles its holder to receive a large coupon payment if the underlying asset/ security never reaches its strike price during a given period. In this case, the holder receives the payoff of a vanilla option or sometimes that of an Asian call on the basket of underlying assets. Altiplano, in this sense, combines the features of a barrier option and an Asian option.

Altiplano options belong to a wider class of options collectively known as mountain range options.

“Altiplano” is a namesake of a Bolivian mountain range.