Exotic options are a type of financial contract that allow you to buy or sell an asset at a set price on a specific date. Unlike traditional options, exotic options can involve multiple assets and have different rules for when they can be exercised. For example, American options can be exercised at any time, while European options can only be exercised at maturity. There are also Bermuda options that allow for exercise at specific times. The study explores how these exotic options work and how they can be used in financial markets. Key terms include spot price, barrier option, Asian option, binomial tree, and compound option.