An option that can be exercised on discrete dates before expiration, such as the first of every month. This option is similar to a Bermuda option, i.e., it is also a cross between an American option and a European option. Prices of Atlantic option will be expectedly higher than that of an identical European option but lower than that of an identical American option.

The Atlantic option is also sometimes called a mid-Atlantic option, an Icelandic option, a quasi-American option, etc.