Time Aspect

How the Barrier is monitored

Continuous (otherwise known as "American" style barrier)

Refers to the time aspect of the barrier condition. A continuous barrier means that the option will be knocked in (knocked out) if the spot rate trades at or through the barrier at any time prior to expiry.

Window

Also refers to the time aspect of the barrier condition. A window barrier means that the option can only be knocked in (knocked out) during a predetermined specified period.

The main types of window barrier are:

Forward Barrier - Forward Start means that the barrier is inactive for the first part of the option's term and can only be triggered after an agreed date till expiry.

Partial Barrier - Means that the barrier is active only for a period from the transaction date to an agreed date and can only be triggered during this period.

"European" style barrier

Means that the barrier condition is only active at expiry of the option.