Using option collars, traders can lock in gains and place a bet on the market going forward, without spending any out-of-pocket cash. But there are many ways to use collars, beyond the basics—and collars raise important issues in taxation and capital allocation that investors need to understand. In Trading Option Collars, Minyanville.com Options Editor Adam Warner shows how to set up collars for either active position management or passive monitoring, and tailor any collar for maximum capital efficiency. You'll learn how to create collars that align with your investment strategies and objectives; build collars that offer a base position to trade against; and construct complex collar positions that self-adjust your volatility exposure to reflect volatility's typical path. Warner explains how to pick the right stocks to collar and when to consider closing a position or rolling it out to a future cycle. He helps you understand exactly what volatility bets you're making, even when it isn't obvious. You'll learn how to place bets on long volatility; combine collars and calendar spreads into a single trade; and systematically manage your collars based on the direction, magnitude, and timing on moves in the underlying stock. Simply put, Trading Option Collars is the most concise, practical primer for every trader and investor who wants to use collars to improve returns and manage risk.