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.