> For the complete documentation index, see [llms.txt](https://docs.ithacaprotocol.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ithacaprotocol.io/docs/ithaca-app/trading/stories/barriers/down-and-out-put-option.md).

# Down-and-Out Put Option

**Down-and-Out Put Option: The Bungee Jumper** 

Cheapen downside protection, risking Knock-out if the prices plunges past the barrier: ideal for a modest downdraft, not a rout.

<figure><img src="https://4105275983-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FveNlPcq5FcdKaOERYyrV%2Fuploads%2F87baD1OUKgdH2eqHEOvC%2Fimage.png?alt=media&amp;token=06a0ea85-2165-4f7b-a683-b996dad7bb91" alt=""><figcaption></figcaption></figure>

Select Desired Direction: DOWN

Knock OUT given expectation underlier will stay within barrier.&#x20;