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Assuming a collar strategy where I buy the underlying stock with a short call and long put option on it. Would the call be assigned away like a covered call, leaving the put option viable or would the put option disappear when the underlying is assigned away. (Put option's expiry date is further than the call option)

  • Going long a stock, selling call options, and going long a put is a very complex way to gain exposure to an underlying security. Do you want a net long or short position? – Powers Nov 2 '14 at 15:10
  • if the put expiry is further, then you would be holding a naked put when the call gets assigned. – Victor123 Feb 10 '15 at 20:36
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The put will expire and you will need to purchase a new one.

My advise will be that the best thing is to sell more calls so your delta from the short call will be similr to the delta from the equity holding.

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