Currency 1: Put on Currency 2 and Call on Currency 3. Formula: H1 = max(X1 - S12, 0) + max(S13 - X2, 0)

Currency 2: Unidentified.

Asset 3: Unidentified.

Again, here we have a slightly more complicated payoff: a call and a put option on two different currencies. Analyzing the diagrams based on what we have seen so far (Put on Currency 2 and Calls on Currencies 2 and 3), we find that these payoffs are completely symmetrical. Again, we conclude that any of the above payoffs can be substituted with either of the other two payoffs, resulting in no change in the risk/reward scenario.