An option that can be exercised on discrete dates before expiration, such as the first of every month. This option is similar to an Atlantic option, i.e., it is also a cross between an American option and a European option. Pricing of quasi-American option will be, as with an Atlantic option, higher than that of an identical European option but lower than that of an identical American option.

The quasi-American option is also sometimes called a mid-Atlantic option, an Icelandic option, a Bermudan option, etc.