17.1 Forwards and futures solutions17.2 Options are chameleons17.3 How FX options are different17.4 The scenario17.5 Comparing hedging strategies17.6 Basic option hedges17.7 Selling options within a hedging programme17.8 Collars, range-forwards, forward-bands and cylinders17.9 Spread hedges17.10 Participating forwards17.11 Ratio forwards17.12 Break-forwards, FOXs and forward-reversing options17.13 Flexi-forwards17.14 Using exotic options17.15 Selling options outside a hedging programme17.16 Dynamic hedging17.17 Which strategy is best?