Domestic Payoff: Cash or Nothing Put Option. Formula: Hd = V * heavy (Xd - Sd) V=0.8; Xd = 1.2

Foreign Payoff: Asset or Nothing Call Option.

As was the case with Asset or Nothing options, a Cash or Nothing Call's financially equivalent foreign payoff does not resemble that of its domestic origin. In the case of an Asset or Nothing Call, we saw that the foreign counterpart had the shape of a Cash or Nothing Put option. Therefore, it is logical to expect a Cash or Nothing Put option's foreign financially equivalent payoff to have the shape of an Asset or Nothing Call option.