Path-dependent options are oldest and most popular exotic options. In 1967 first transactions in barrier options were recorded. A yield on a path-dependent option depends on the underlying instrument price during the whole life of the option, and not only on the price at the moment of expiration. At the same time, this interrelation may be of a various nature; some options base on highest or lowest values of the underlying instrument during life of the option; others on the average price of the underlying instrument; and in other cases the key role is played by the barrier values agreed between parties of the contract, at which life of the option begins or expires. In this article path-dependent options are divided into two groups: extremum-dependent options (including barrier options) and average value-dependent options. Options of both groups are based on a wide range of underlying assets: equity, foreign currencies, economic indices, interest rates, goods; most popular ones have been transacted on the stock exchange.

Extremum-dependent options refer to options which value depends on certain agreed prices of the underlying instruments during life of options: individual, extremum values, which affect the yield and characteristics of the option. This group comprises two options with longest history and most frequently used, i.e. barrier options and lookback options. Ladder options, ratchet options and shout options are less important- from the practical point of view - extremum-dependent options.

Average values-dependent options refer to options where the income depends on the average value of the underlying instrument price during the option's life. Such options have a common name "Asian" options. The basic breakdown of Asian options differentiates between average price options and average strike options. The type of average used in the construction of options represent the second breakdown criterion that differentiates between arithmetic Asian options and geometric Asian options.