A barrier option that has two barriers (and hence the name double barrier option) or more. It is an extension of the single barrier option, where the underlying price/ rate is subject to more than one barrier. For example, a multiple barrier hit-and-in option may have a sequence of barriers B0, B1, and B2. It comes into existence if the underlying price reaches B0 and then B1 and B2.
This option is known as a multiple barrier option.
