Explanation:

Let's break down the sequence to find the pattern:

- HKNQ to JIPO:

- H to J: +2 steps

- K to I: -2 steps

- N to P: +2 steps

- Q to O: -2 steps

- JIPO to KHQN:

- J to K: +1 step

- I to H: -1 step

- P to Q: +1 step

- O to N: -1 step

- KHQN to MFSL:

- K to M: +2 steps

- H to F: -2 steps

- Q to S: +2 steps

- N to L: -2 steps

- Following the alternating pattern (+2, -2), the next sequence from MFSL will be:

- M to N: +1 step

- F to G: +1 step

- S to R: -1 step

- L to M: +1 step

Putting it together, we get NGRM.

- Therefore, the correct option is Option 4: NGRM