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A collar, also known as a hedge wrapper or risk-reversal, is an options strategy implemented to protect against large losses, but it also limits large gains. But what if you can setup your options collar so that you don't limit your large gains while still having the protection in place for large losses.  Also, what if you could pay for that protection so that there is little or no cost to you. That is what the Collar Control Option Strategy is all about. 

The standard definition of a collar states that an investor who is already long the underlying creates a collar by buying an out-of-the-money put option while simultaneously writing an out-of-the-money call option. The put protects the trader/investor in case the price of the stock drops. Writing the call produces income (which ideally should offset the cost of buying the put) and allows the trader to profit on the stock up to the strike price of the call, but not higher.

But if you setup the collar correctly with the intent of limiting losses while keeping your upside unlimited then you have a powerful way of managing the investment.