Naming conventions are used to help identify properties common to many different types of Options.

These include:
American option - an option that may be exercised on any trading day on or before expiration.

Barrier option - any option with the general characteristic that the underlying security's price must reach some trigger level before the exercise can occur.

Bermudan option - an option that may be exercised only on specified dates on or before expiration.

European option - an option that may only be exercised on expiration.