This study proposed pricing formulas for ratchet options on the basis of 'reflection principles'. Recompositions of ratchet options were made in order to extend to price ratchet options with n barriers and strike prices. The influences of volatilities, maturities and distance between barrier on the value of ratchet options were examined The result showed that the higher the volatility, the longer the maturity, the shorter the distance between two barriers, the more the option value.