Double Strike Floor and Double Strike Cap (N-Floor and N-Cap) are modifications of the Interest Rate Floor/Cap. In a Knock-Out Floor/Cap, once the trigger rate is breached (Knock-Out or KO event), the protection of the Floor disappears for that period. In a Knock-In Floor/Cap, protection does not appear unless the trigger is breached (Knock-In or KI event). Here are examples of payoff profiles for Double Strike Floor and Cap.