The colored three-level Markovian noise-driven nonequilibrium dynamics of o
verdamped Brownian particles in a spatially periodic asymmetric potential (
ratchet) is investigated. An explicit second-order linear ordinary differen
tial equation for the stationary probability density distribution is obtain
ed for the process. In the case of a piecewise linear potential with an add
itive three-level (trichotomous) noise the exact formula for the stationary
current is presented. The dependence of the current reversals on the noise
parameters is investigated in detail and illustrated by a phase diagram. A
symptotic formulas for the current for various limits of the noise paramete
rs are found and compared with the results of other authors. Applications t
o the fluctuation-induced separation of particles are also discussed.