I've come across an option called a look-back rate put option. However, the source I got this from did not say what this is. I understand what a look-back put option is, but the rate bit is throwing me off.
The only other seemingly relevant thing that the source says is that an average rate put option has payoff: $max(E-A,0)$ where E is the strike price and A is the average value of S over the options lifetime.
This leads me to believe that a look-back rate put would have a payoff: $$max(J-A,0)$$ where J is the maximum value that the underlying S achieved and A is the average value of S. But it seems that it could also have payoff: $$max(E-L)$$ where E is the exercise price and L is the minimum value that S reached.
Any help clarifying this would be greatly appreciated.