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You could get close to a binary output with an option spread with a tight range of strikes (e.g. buying a call at price X, and selling a call at price X+1). If the stock price goes above the high strike it is a maximal payout one way, and below the low strike maximal payout the other way. If the strikes are close compared to movements of the stock and near the current price of the stock, the outcome is likely to be nearly binary. If the stock settles between the strikes the payout would be partial and continuous, but that window is very small.