Zero Cost Collar

Free 50 Shades gear?

Eh...no. It's a hedge... of a hedge.

You bought a call option on something reallllly volatile and are nervous about losing everything on that naked call. So you buy a top and a bottom against that call, such that, if theta (time) decays and the call expires worthless, you at least took in some premium along the way; and you trade off upside, such that if the volatile security.com goes nuts on the upside, you are capped. It's kind of The Nervous Nelly Trade.