This payoff is equivalent to being a) long a PlainVanillaPayoff at
the first strike (same Call/Put type) and b) short a
CashOrNothingPayoff at the first strike (same Call/Put type) with
cash payoff equal to the difference between the second and the first
strike.
warning this payoff can be negative depending on the strikes
Binary gap payoff
This payoff is equivalent to being a) long a PlainVanillaPayoff at the first strike (same Call/Put type) and b) short a CashOrNothingPayoff at the first strike (same Call/Put type) with cash payoff equal to the difference between the second and the first strike. warning this payoff can be negative depending on the strikes