Cliquet
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A Cliquet option (or ratchet option) settles periodically and resets the strike at the then spot level. It is, therefore, a series of at-the-money options but where the total premium is determined in advance. A cliquet can be thought of as a series of "pre-purchased" at-the-money options. The payout on each option can either be paid at the final maturity, or at the end of each reset period.
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