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Turbo warrant
Turbo warrant is a kind of stock option. Specifically, it is a barrier option of the Down and Out type. It is similar to a vanilla contract, but with two additional features: It has a low vega, meaning that the option price is much less affected by the implied volatility of the stock market, and it is highly geared due to the possibility of knockout.
The strike price of the option is generally the same as the barrier: if the stock hits the barrier, the option expires and becomes worthless. Variations on turbos include: forms where the strike and barrier are not identical; forms where the barrier is only active at, for example, the close of business but the strike is continuously monitored (smart turbos); and forms with no fixed maturity (minis).
For comparison, a regular call option will have a positive value at expiry whenever the spot price settles above the strike price. A turbo will have a positive value at expiry when the spot settle above the strike AND the spot has never fallen below the strike during the life of the option (if it had done so the option would have crossed the barrier (=strike) and would have become worthless).
==Markets==
The first turbo warrants appeared in late 2001.〔http://www.pwmnet.com/news/fullstory.php/aid/111/Boosted_leverage.html〕 In Germany, buying and selling turbo warrants constitute 50% of all speculative derivatives trading. They are mainly sold to a retail clientele looking for high leverage.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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