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Switchback Option or Warrant
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A complex instrument combining a capped call and an up-and-in put or a floored put and a down-and-in call. To describe the former structure in more detail, the capped call would have an early exercise trigger which provides a maximum payoff to the holder when the underlying rises through the cap. Typically, the instrike of the put is identical to the cap/trigger price of the call, creating a standard put and offering a profit opportunity on the downside for the remaining life of the option. See As-You-Like Warrant.
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