The double no touch (also known as a range binary) is an option with two American barriers. You define one barrier above the underlying asset and one below it.
If during the option's lifetime the underlying asset:
Remains within the defined range (i.e., neither of the barriers is hit), the payout is activated. That is, the buyer of the option receives the fixed payout specified in the option on the option's delivery date in the base currency. Hits either of the two barriers, there is be no payout.
Can anyone explain about double no touch option with two barriers above the underlying asset and two below it and the assumptions. I'm very new to this field. TQ