A time-dependent option contract that consists of a series of consecutively-activated forward start options, each of which is struck at the money once it becomes active. The first option comes into life immediately, while the second is activated upon expiration of the first, and so on. This option has the effect of periodically locking in profits. Reset options are generally classified as reset call options and reset put options.

This option has several other names of which are: cliquet option, ratchet option, lock-in option, ladder option.