I am a futures practitioner, and I am glad to help you answer this question!

General exchange rate option is a kind of option. Compared with stock options, index options and other options, foreign exchange options buy and sell foreign exchange, that is, the option buyer obtains a right after paying the corresponding option fee to the option seller, that is, after paying a certain amount of option fee, the option buyer has the right to buy and sell the agreed currency at the exchange rate and amount agreed by both parties in advance on the agreed expiration date, and the buyer with this right also has the right not to execute the above-mentioned sales contract.

Because general exchange rate options are over-the-counter transactions, in order to increase the liquidity, security and legitimacy of derivatives, flexible exchange rate options came into being.

Flexible option is a kind of foreign exchange option contract, which includes the exercise price and expiration month through self-defined terms, but it must be executed on the exchange.

I hope my answer can help you! ^_^!