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Investopedia explains 'Cash-Or-Nothing Call'
By way of contrast, a plain vanilla call option's payout is the difference between the strike price and the market price when the option expires. Before the option expires, there are numerous possible payouts. An investor might buy a cash-or-nothing call option over a plain vanilla call option if he or she thinks the underlying asset's price will exceed a given level by only a small amount. The price of a cash-or-nothing call option is based on the probability of the underlying asset's price reaching (for American options) or exceeding (for European options) the strike price.
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