DislikedWith Saxo however couple of questions arise
1 - Will Saxo recognise that your position is CC or Protected Put and cross margin? If you do this in Equity then CC or PP is a recognized Combo order and double margin is not required
2) Using Saxo FX options means only one market maker! so you are the mercy if Saxo!Ignored
I'm quite sure that double margin in case of CC/PP is not required as long as price rises, because margin required vs. margin available is continuously being calculated. If price rises in case of a CC, then Your spot position will increase in value as the value of the short call decreases. From the point price reaches the strike of the call then the floating profit/loss should be constant and margin required be constant as well.
I'm not sure about the margin requirements if price goes below Your entry price for the spot position.
Yes, unfortunately the FxOptions market is not as big as the spot market, so in a sense we're in the mercy of the market maker. However I think that the real problem about this are the spreads. I don't think that You will be unable to get out of or roll a position at any time. You just have to pay the spread.