An option structure in which the payout depends on the value of the underlying on several points in time (e.g., average rate options or average price options). A multi-period option may also constitute a series or strip of standalone options such as caps and floors. A cap is a multi-period option as it consists of caplets each of which covers a specific period over the cap’s life. An example is a three-year semi-annual cap: it matures in three years and consists of six caplets.