An option whose strike price is not fixed at the start. In general, this option constitutes a basket of component options whose strikes are unknown at inception and which are dependent on the performance of the underlying at fixed future times. Those strikes are reset from time to time during the option’s time to maturity. Examples of resettable options include: the reload option and the cliquet option. For example, a cliquet option is a set of component options known as cliquetlettes which expire at successive times and reset in the money.

It is also called a reset option.