On May 28th the September 2014 Globex (GBX) Euro was trading @ 1.3637

The following trading was initiated for Euro currency only.

Sold one (1) September 1.3500 GBX euro call strike price for 0.0262 (262 X 12.5) = $3275.00 = you receive
Sold one (1) September 1.3800 GBX euro put strike price for 0.0270 (270 X 12.5) = $3375.00 = you receive

Sold two (2) September euro 1.3300 GBX euro puts strike price for 0.0070 each (70 X 2 X 12.5) = $1750 you receive
Now buy one (1) September euro 1.3500 GBX euro put strike price for 0.0127 (127 X 12.5) = $1587.50 = you pay
Sold two (2) September euro 1.4000 GBX euro call strike price for 0.0051 each (51 X 2 X 12.5) = $1275.00 you receive
Now buy one September euro 1.3800 GBX euro call strike price for 0.0105 (105 X 12.5) = $1312.50 = you pay (a small amount more than you receive by selling two calls)

Globex September 2014 euro at 1.3637 on May 28th 2014

-1 Call Sep14 1.3500 at 262 -2 Put Sep14 1.3300 at 70

+1 Call Sep14 1.3800 at 105 +1 Put Sep14 1.3500 at 127

-2 Call Sep14 1.4000 at 51 -2 Put Sep14 1.3800 at 270

These positions will make you $2900 if the Globex euro stays between 1.3300 and 1.4000 on September 2014 expiration date. You don’t have to keep these positions until expiration. You can close them at any time you want with a profit. These positions can be readjusted without any problems even if they move beyond the mentioned levels. Margin required probably about $8000. This is before commissions and exchange fees.

2900/8000 * 100 = 36.25% in three months.

Now you follow the euro movement and sit tight until the euro moves either below 1.3300 or higher than 1.4000

Multiply these with desired number of contracts you wish to trade or follow with for practice until you are comfortable. You open your own account at a futures commission merchant (broker) of your choice for trading. You need a margin $$s in the account.

If you have to make changes don’t be afraid to do change and follow the instructions.
You can follow the closing prices @www.cmegroup.com/Fx or @ your brokers website.
The best site I have seen is www.orionfutures.com and follow the quotes section
This is the basic strategy. There are other hybrids on the same formula makes you money on a monthly basis with additional capital as reserve for adjustments of positions if needed. I have not seen any dramatic changes in this currency movement in one day which cannot be handled safely-0.0300 historically in last five years.

1. Always try to initiate positions in the Euro currency 90 to 100 days before expiration. You get better premiums for risk returns. Easier to readjust if needed. Major quarterly expirations are March, June, September and December. Check the options expiration calendar for currencies at CME group web site. Initiate the options as per the instructions. You can initiate the options if the following criteria are met.
2. Check the latest price of the Euro currency futures contract for the expiration date. Example if the December 2014 Eurocurrency is trading at 1.3468 on July 24th 2014 consider the strike price of 1.3450 as your base strike price.
3. Strike prices are usually at 50 point intervals apart (0.0050= 50 points). Most of the option strike matrixes give out option premiums calculated in dollar terms.
4. Check the value of the option premium prices. You should get at least 200 points more than the intrinsic value of the initiated strike prices.
5. Check for the value of the premium prices. You should get at least 200 points more in value than the strike price difference. Example if you are selling December 2014 euro currency 1.3250 call and 1.3650 put you should collect more than 600 points in premium ( in the money 400 points and out of the money 200 points) that is 400 x 12.50 = $5000 in the money and 200 X 12.5 = $2500 out of the money.
6. Farther you are away in strike prices from current futures contract price is better. Sometimes it may be only 150 points or even 100 points away on each side (means call and put). That’s ok.
7. When the volatility is low the option premiums are low. Then look for the different strike prices that fit the criteria. One side can be 150 points and other side can be 200 points.
8. Here is the grid for option matrix
   
   

   Calls       Strike prices       Puts

   The two calls option premium sold at E+6 should cover purchase of one call at E+4

   Sell two calls at E+6 or       E+6

   higher       E+5

   Buy one call at E+4       E+4       +4 sell one put

   E+3       +3

   E+2       +2

   E+1       +1

   Base strike price (E)

   Futures contract price

   -1

   -2

   -3

   -4 sell one call       E-4 Buy one put at E-4 strike price

   E-5

   E-6 Sell 2 puts at E-6 strike price or lower

   The two put option premium collected at E-6 should cover the purchase of a put at E-4. Total commissions should not cost more than $50.00

9. Now at the edge of the options bracket you just sold and collected the premiums to build a hedge with someone else’s money.
10. Now buy a put at the same strike price where you sold one call. Buy a call at the same strike price where you sold one put.
11. Before you place an order for number 10 instruction sell two puts at least two or more strike prices away from the strike price of one put to be purchased. Make sure the premium collected by selling two puts is adequate or even more to purchase the put.
12. Same thing on call side. Again before you buy the call sell two calls at least two or more strike prices away from the purchased call strike. Make sure the premiums collected are adequate to buy the call.
13. If for any reason (usually low volatility) the premiums are not covered by maybe 5 or 10 points its ok. You may adjust the strike prices to cover it.

On August 1st 2014 the September 2014 Euro currency closed at 1.3430. I have initiated the options contracts on May 28th, 2014 when the euro was at 1.3637. More than Sixty days lapsed see where we are now with our option pricing and any adjustments are needed.

At the close of August 1st, 2014 I have gained a profit of 169 points X 12.5 = $2112.50.

That is 2112.50/8000 = 0.2640 X 100 = 26.40% gain in three months. This gain is without much risk or stress. At this point I should close my positions and initiate positions for the month of December 2014 with the current Euro currency December 2014 futures price. When I close my positions I am closing them as spreads. Close Sep14 1.3500 call and Sep14 1.3800 put together. This way the slippage is controlled. Also close the Sep14 1.3500 put and Sep14 puts 1.3300. The Sep 1.3800 calls and Sep14 1.4000 calls may expire worthless or I can close it. At the present the value of Sep14 1.3800 call is 3 points and Sep14 1.4000 calls is 1 only. Incase if the euro currency goes below Sep14 1.3300 I have gained 232 points so far. Suppose if the Euro is at 1.3250 on this day of August 1st, 2014 now sell 2 September 14 1.3200 calls to cover the two 1.3300 puts. This should more than cover the Sep14 1.3300 puts and close these together as spreads some more gain.