Research: new option type "Chameleon option" :-)

The name "Chameleon Option" indeed is already in use (I didn't know, should have googled...):
https://www.investopedia.com/terms/c/chameleonoption.asp
What is a Chameleon Option
A chameleon option has the ability to change its structure should predetermined terms of the contract be met, such as a specified increase or decrease in the price of the underlying asset. A chameleon option gives an investor greater flexibility in that they can trade a chameleon option instead of trading multiple vanilla options to attain the same result. ...
 
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