A European binary with double American knock out (ebdako) is a European Binary option with two American knock out barriers.
For this option you set three barriers—one for the underlying European binary option and the two knock out barriers. You must define one of the knock out barriers above the European binary option's barrier and underlying asset, and one of the knock out barriers below the European binary’s barrier and underlying asset.
If either of the American knock out barriers is hit during the option's life the underlying European binary option is immediately knocked out and there is no payout.
The fixed payout specified in the option is made if on the option's expiry date both the following facts are true:
Neither of the knock out barriers have been hit during the life of the option.
The underlying European binary is in the money.