How is a structured collar different from an ordinary collar? I failed to find information about the difference online.

  • Are you thinking of a structured product that might contain options? – John Bensin Jun 29 '13 at 15:43
  • A structured collar looks better with a coat and tie than an unstructured collar does? – keshlam Dec 16 '15 at 18:38

Let's start with a definition:

A Collar is a protective strategy for a position in the underlying instrument created by purchasing a put and selling a call to partially pay for the put option purchased or vice versa.

Based on that definition, there are two different types of collars. Each is a combination of two simpler strategies:

  • Covered Call + Long Put
  • Married Put + Short Call


Multi-Leg Options Orders

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