> For the complete documentation index, see [llms.txt](https://eako-capital.gitbook.io/eako-user-guide/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://eako-capital.gitbook.io/eako-user-guide/eako-user-guide.md).
# EAKO User Guide
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This User Guide introduces a number of commonly traded FX structured forwards, with graphical representations provided to aid the reader.\
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[**Derivative Payoff Profile**](#derivative-payoff-profile) maps the payoff of the strategy to changes in the underlying asset.\
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[**Net Exposure Profile** ](#net-exposure-profile)reports the net profit of the strategy when combined with the underlying exposure.
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## Derivative Payoff Profile
As the underlying currency pair (e.g., EURUSD) moves from left to right along the x-axis, this diagram reports the payoff of the strategy as being either:
* A positive profit value if above the x-axis.
* A negative loss value if below the x-axis.
* Neither a profit, nor a loss if on the x-axis.
**Payoff Diagram:**
## Net Exposure Profile
Maps the derivative to the underlying exposure.
As the underlying currency pair (e.g., EURUSD) moves from left to right along the x-axis, an unhedged position would see its exposure moving up the y-axis in a one-for-one relationship. This is represented by the 45 degree upward sloping line, labelled "*Exposure = Spot*".
In contrast, a FX Forward fixed at-the-market-forward (ATMF) rate would report the same single rate on the y-axis for all movements in the underlying rate. This is represented by the dotted horizontal line labelled "*Exposure = Forward"*.
**Payoff Diagram:**
The following diagram combines the Profit Payoff Profile of the above Knock-In Forward with that of the underlying Spot position.