Having fun with this one skein of bright variegated yarn.
No turning chains
Chain length of colour sequence + 1
Row 1: FLO, turn
Row 2: iB, turn
Repeat rows 1 and 2 until run out of yarn

Stopped at the same colour sequence as the starting chain for symmetry. Used the little bit left to make a skinny BLO stretchy strip. Planning on throwing the little strip in the wash to see how it behaves.