I'm starting this thread to discuss reverse collars mentioned by "4Q" (borankin), our visitor from the Optionetics board. I got into holding some short stock when I had a couple of Iron Condors go north on me. I wound up short 100 shares of GOOG, and 500 shares of AMZN. I tried reverse collars, but couldn't work them correctly. I know with GOOG I kind of panicked on expiration day for the IC. I closed it early in the day and byt the end of the day the stock had moved another strike price away, so I was already in a hole when I put on the RC. I was afraid I wouldn't be able to sell the long IC legs.