Blac-Scholes in FX markets is called Garman-Kohlhagen. Throwing arouind terms like "neural nets", "Black-Scholes", and "hedging" to suggest you have some advnatge in FX markets is ludicrous. I've been with teams at hedge funds with vastly more capital than you and every guy there is a Ph.D. who thinks those are "Fun with Dick and Jane" and it is still hard to make money.

I wan't to develop formula (& backtest) using Black-Scholes using "hedging technique" & "neural networks" with different multiple currency pairs (but correlated) such as EURUSD?USDJPY.

Do you think Black-Scholes can be applied on Forex market or not ?