Perhaps I am being oversimplistic but is the following scenario plausible and pratical;l Presume you estalish go long on the USD/JPY for 10 contracts (presuming standard 100k size).. Are you able to (preferably with the same broker)..sell an equivalent amount of currency option calls at a strike price out of the money by a few hundred pips and few months way in terms of expiration (the equivalent of a covered call where the underlying was an equity but in this case the underlying is the currency position).. and then take the premium earned from the sale of those calls and purchase protective currency put option to hedge against a hefty downward movement assuming a strike price and expiration date 6 month away.... I was hoping to secure a nice interesting bear position with a high paying currency pair while partially hedging downside with the selling of the calls and purchasing of puts... I found a broker (www.cfosfx.com) that appears to provide currency options but it appear to be only an OTC type of market... any comments or suggestions are welcome.