A collar strategy is a protective option strategy constructed by writing a call and buying a put with the same expiry while being long the underlying security.
A collar is usually implemented after the long position in the underlying security has appreciated. It protects from a sharp drop in the security price (loss is limited to 10% in example).
The strategy also provides an income premium regardless of how the price of the underlying security moves. This feature limits the upside potential (12% in example).
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A covered call is an income strategy constructed by writing a call option against a holding of the underlying security.
The strategy provides an income premium (0.60% in example) regardless of how the price of the underlying security moves. This feature limits the upside potential.
If the price of the underlying security drops, the covered call strategy will suffer a slightly lower loss than the underlying security due to the income premium.