An Asian option is a path-dependent option with
a payoff linked to the average value of the underlying asset during the life (or some part
of the life) of the option.
Asian options are similar to lookback options in that there are two types of Asian
options: fixed (average price option) and floating (average strike option). Fixed Asian
options have a specified strike, while floating Asian options have a strike equal to the
average value of the underlying asset over the life of the option. For more information, see
Asian Option.