{"id":940,"date":"2021-05-14T17:10:00","date_gmt":"2021-05-14T17:10:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/glossary-terms\/fence\/"},"modified":"2021-05-14T17:10:00","modified_gmt":"2021-05-14T17:10:00","slug":"fence","status":"publish","type":"glossary-terms","link":"https:\/\/www.interactivebrokers.eu\/campus\/glossary-terms\/fence\/","title":{"rendered":"Fence"},"content":{"rendered":"<p>A protective option strategy in which a written call and a long put are added to a previously owned long stock position, also referred to as a\u00a0collar. The options may have the same strike price or different strike prices. The expiration months may or may not be the same. For example, the investor previously purchased XYZ\u00a0corporation at $46 and it rose to $62, an investor could establish a collar involving the purchase of a May 60 put and the writing of a May 65 call as a way of protecting some of the unrealized profit in the XYZ\u00a0Corporation stock position.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A protective option strategy in which a written call and a long put are added to a previously owned long stock position, also referred to as a\u00a0collar. The options may have the same strike price or different strike prices. The expiration months may or may not be the same. For example, the investor previously purchased [&hellip;]<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"traders-glossary":[176,157],"class_list":{"0":"post-940","1":"glossary-terms","2":"type-glossary-terms","3":"status-publish","5":"traders-glossary-trading-terms-f","6":"traders-glossary-trading-alphabet"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives Term | IBKR Glossary | IBKR Campus<\/title>\n<meta name=\"description\" content=\"A protective option strategy in which a written call and a long put are added to a previously owned long stock position, also referred to as a\u00a0collar....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/glossary-terms\/fence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fence\" \/>\n<meta property=\"og:description\" content=\"A protective option strategy in which a written call and a long put are added to a previously owned long stock position, also referred to as a\u00a0collar. 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For example, the investor previously purchased XYZ\u00a0corporation at $46 and it rose to $62, an investor could establish a collar involving the purchase of a May 60 put and the writing of a May 65 call as a way of protecting some of the unrealized profit in the XYZ\u00a0Corporation stock position.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/glossary-terms\/fence\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus EU\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.eu\\\/campus\\\/glossary-terms\\\/fence\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/glossary-terms\\\/fence\\\/\",\n\t            \"name\": \"Fence\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#website\"\n\t            },\n\t            \"datePublished\": \"2021-05-14T17:10:00+00:00\",\n\t            \"description\": \"A protective option strategy in which a written call and a long put are added to a previously owned long stock position, also referred to as a\u00a0collar. 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