Bear Spread and Collar- The difference

I don’t quite understand the difference between a collar strategy and a bear spread.
Let’s assume I own a stock and I am worried the price will go down and I don’t want to pay too much to get protection.
One way to protect me is to set up a collar- I buy a put option and then sell a call option. My downside is protected and at the end same time if the stock rallies, I can sell the stock since I am short the call. My downside and upside are capped.
If I have a bear spread, am I not doing the same thing since I have both bought and sold a put option, so my upside and downside are capped?

A (long) collar is equivalent to a bull spread; a short collar is equivalent to a bear spread.

The main difference is that the collars start with a position (long and short, respectively) in the underlying, whereas the bull and bear spreads are built exclusively with options.

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Please, can you elaborate this?

bear spread sells put (or call) at lower strike and buy put (or call) with higher strike. We use same option but with diff strike.

Collar = same as risk reversal. = Buy call, sell put or sell call, buy put.

You’re missing one important point: the collar also has a position in the underlying.

A long collar is a long position in the underlying, a long put at a lower strike, and a short call at a higher strike.

A short collar is a short position in the underlying, a short put at a lower strike, and a long call at a higher strike.

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Thanks

My pleasure.

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