Forex Options

FX Vanilla Options are available for 40 currency crosses including gold and silver. FX Touch Options are available on six of the most traded currency crosses.

Trade the most liquid FX Options on the innovative FX Options Board, providing a series of standard maturity dates and strikes that make it easier and more intuitive to navigate the most liquid Forex Options. Standardised dates mean competitive pricing.

With Saxo’s free FX Options Report, you can take an in-depth look at your FX and FX Options positions across multiple currency pairs, giving you the insights you need to manage your risk exposure and maximise opportunities in your trading.

Prices to institutional clients are negotiable and dependent on volumes. Contact us to find out more.

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FX Vanilla Options

Pricing model

The pricing model Saxo applies for FX Vanilla Options is the Black-Scholes model.

Spreads are variable depending on maturity and currency pair. Prices are shown as dynamic bid/ask spreads.

List of all FX Vanilla Options


Forex Options Margin Policy

While the exposure is rather straightforwardly given as the notional amount on an FX spot or forward position, this is not the case with FX options. You will not be able to just use the notional amount on a complicated options strategy.

On many types of option strategies (the ones with unlimited risk), the FX Expiry Margin (which is the FX Options margin model) uses the margin rate on the underlying currency pair to calculate the margin requirement. So which margin rate should now be used for the margin calculation of this particular currency pair, when we do not have a single fixed margin rate considering it now depends on the level of exposure? The answer to this question is the blended margin rate based on the highest potential exposure across your FX and FX option positions in the currency pair.

FX Expiry Margin calculation

The margin requirement on FX Options is calculated per currency pair, ensuring alignment with the concept of tiered margins, and per maturity date. In each currency pair, there is a ceiling to the margin requirement that is the highest potential exposure across the FX Options and FX positions multiplied by the prevailing FX (spot) margin requirement. This calculation also takes into account potential netting between FX Options and FX spot and forward positions.

On limited risk strategies, e.g. a short call spread, the margin requirement on an FX Options portfolio is calculated as the maximum future loss.


You sell a call spread on 10M USDCAD at strikes 1.41 and 1.42. The current spot rate is 1.40. The margin requirement will be the maximum future loss of 71,429 USD (10M x (1.42 – 1.41) = 100,000 CAD / USD @ 1.40).

On unlimited risk strategies, e.g. naked short options, the margin requirement is calculated as the notional amount multiplied by the prevailing spot margin requirement.


You sell a 10M USDCAD put option. You have an unlimited downside risk. The margin requirement is therefore calculated as the notional amount multiplied by the prevailing spot margin requirement.

The prevailing spot margin rate is determined by the highest potential exposure, which is 10M USD. Thus, the prevailing spot rate is the blended margin rate of 2.2% ((1% x 3M USD + 2% x 2M USD + 3% x 5M USD) / 10M). The margin requirement is therefore 220,000 USD (2.2% x 10M USD).

Tiered margin rates are applicable to the FX Options margin calculation when your margin requirement is driven by the prevailing margin rate and not the maximum future loss. The prevailing spot margin levels are tiered based on USD notional amounts, the higher the notional amount potentially the higher the margin rate. The tiered margin requirement is calculated per currency pair. In the FX Options margin calculation, the prevailing spot margin requirement in each currency pair is the tiered or the blended margin rate determined on the basis of the highest potential exposure across the FX Options and FX positions.

For additional examples click here.

View FX Margin Policy.

FX Touch Options​

Pricing Model

The pricing model Saxo uses is similar to the one we apply to Vanilla Options (based on Black-Sholes model). Spreads are variable depending on maturity and currency cross.

The pricing displayed on your trading platforms is dynamic bid/ask spreads, quoted as a percentage of the potential payout, reflecting the market's expectation of the probability that the spot rate will reach (or not reach) the trigger (or barrier) level prior to expiry.

Touch Options are traded on live streaming prices from 100 up to 25,000 units of base currency of potential Payout. Other amounts are available on an RFQ basis. This will generate a two-way live quote in your platform.

There is no minimum ticket fee associated with trading FX Touch Options with Saxo.


At Saxo FX Touch Options can be either bought or sold.

Trading Long
When buying an option, you have to pay the full Premium in cash. The Premium is subtracted from the Cash Balance (initially shown as 'Transactions not booked'. At the end of the day it is subtracted from the Cash Balance).

The current value (positive) of the bought position is displayed in 'Non-margin positions' and subtracted from 'Not available as margin collateral'. Thus, you cannot use the value of Touch Options for margin collateral.

Trading Short
When selling an option, the Premium is added to the Cash Balance (initially shown as 'Transactions not booked'. At the end of the day it is added to the Cash balance). You need to have the cash sufficient for the potential payout in the event of an exercise (One Touch) or expiry (No Touch).

The current value (negative) of the sold position is displayed in 'Non-margin positions'. In order to reserve the full potential Payout, the difference between the current value and the potential payout is subtracted from 'Not available as margin collateral'. Hence, your full potential loss from the Option Payout is not available for margin collateral.

Settlement and payout

At Saxo Touch Option positions are cash settled automatically when they generate a Payout. The Payout is 100% of the base currency. If the Option expires without exercising, then the Payout is 0%.

One Touch Options will generate the payout automatically if and when triggered before the expiry time, or else (if the barrier has not been reached) automatically expire at 10:00 EST on the expiry date. No Touch options will generate an automatic payout if barrier has not been reached prior to 10:00 EST on the expiry date, or disappear automatically if trigger is reached.

Although P/L from a closed Touch Option (e.g. buying and selling an Option before it exercises/expires) will be available for use in other products margin trading, final settlement is done at the end of day (EOD), as in the way Vanilla Options are settled.

Margin Effect

Though Touch Options are not margin products, positions will affect the amount you have 'Available for Margin Trading' as seen in your Account Summary.

Therefore, if margin positions are held on the account, the 'Margin Utilisation' will increase when adding Touch Option positions.

Note: Before opening the position, a pre-check will be done to ensure that you cannot accidentally open a Touch Option position that will move the Margin Utilisation above 100%.