How to protect a short position with a Bear Collar

A brief post on what I do to protect the short position that I have in $FB (Facebook). I put on what is called a Bear Collar. This is what I have done today:

Here is a breakdown of what this means:
1) I am short the stock
2) I have sold the August 24w 18 Put. This caps my gain at this strike on any move below $18 by next Friday.
3) I have bought the August 24w 20 Call. This piece protects me on any significant bounce above the $20 strike by next Friday.

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