An option that allows its holder to lock in the profit of optimal trading on a specified asset subject to position limit. In essence, a PNL option is a zero-strike call option (ZSC) which has the balance of a trading account as underlying. During the life of the option, the holder trades dynamically on the underlying trading account. At exercise, if a profit has been realized from the trades, the holder receives the proceeds of the trading account. Otherwise, the seller of the option will be obligated to pay the losses. In return for the right to guarantee a level of trading profits, the investor pays the option premium.

The PNL option is also known as a passport option.