Floor - Bungee Bets

Cambell777

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Is there anyone with experience with the IG Index' Bungee Bets that knows if there is a specific floor level (previous days closing level minus X percent or points) at Bungee Bets made before the market opens?
 
All a bungee bet is is an option packaged for people who don't understand options. And it's impossible to short (I think) meaning they can way overprice it too :)
 
Certainly would have saved my big money last week, I think? Still don't understand the relevance of floor, ceiling levels. Surely if the bet does'nt die then you would always limit your losses to the max. And I still don't understand hoe profit loss is calculated, perhaps I am reading too much into this. On the face of it it's a good product cos I'm sick of getting stopped out then watching the market recover leaving me with a profit had I not been chucked out.
 
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