An exotic option, and a variant on range option, which combines the features of both barrier and digital options, though it has its own distinctive payoff and risk profile. The binary range option gives the holder the right to receive a specific payoff if the underlying doesn’t break out of a prespecified price range before expiration. The current price of the underlying falls between two boundaries, specifically at a point lower than the upper boundary and higher than the lower boundary. Once either boundary is breached, the option exists no more. Binary range options are mainly used in currency markets.