I see. So this specific alternative scenario you described is much more like:
paying a fee in exchange for the right to buy a currency at the strike price regardless if the price is higher... Of course I am not oblidged to buy should the price not touch the strike price... Is this correct?
If so, can I capitalize on this alternative as part of a hedge egy?
I move long GBPJPY (because of its sake) @ 221.40
Assuming my account can only defy 500 pips of reversal, I buy an alternative for a GBPJPY not going lower han 217.00 pips within 1 year.
If GBPJPY go lower than 217.00, I will sell GBPJPY in 221.40 into the alternative house.
Of course, whenever the price never touches 217.00 within 1 year, I lost the alternative fee.
Is this correct?