Hi Gary, i trade currency but through ETFs because there is NO volume on currency pair options. i only trade Yen vs USD so if you look on the currency pair index option on ISE ticker YUK there 0 volume. whereas if you trade the ETF version, ticker FXY you can trade options and the volume is decent.
easiest trade of the year is just buy a DITM put on FXY going out to March 14. (i own the Jan 102 put). Everyone knows Yen is going down so just hold the put. Pretty soon BOJ is going to inject some more cash since they still didn't meet their inflation target and we all know what that means
you can also sell calls against your put if you feel like it but the extrinsic is pretty dry. but you can squeeze a bit more performance out of the trade