The double binary cash-or-nothing option has a fixed cash payout (M) that depends on whether the underlying assets (S1,S2) end above or below the strikes (K1,K2) at the expiration date. There are four types of double binary cash options.

List of symbols

	Value of the double binary cash-or-nothing up-up option
	Value of the double binary cash-or-nothing up-down option
	Value of the double binary cash-or-nothing down-up option
	Value of the double binary cash-or-nothing down-down option
	Value of the first asset at expiration
	Value of the second asset at expiration
	Strike of the first asset
	Strike of the second asset
M	Cash payout at expiration

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