An exotic option where the holder (buyer or long) has the right to lock in a minimum value for the option payoff at one point during its time to maturity. The buyer can shout to the seller (writer or short) and specify the so-called a ladder rung at one time or more over the life of the option. A shout option, by nature, is a ladder option with a twist: the rung is not defined in advance but rather over the option’s life. When the “shout” takes place, the buyer locks in the intrinsic value of the option as the minimum amount to be received at expiration date.