Collar

A Collar has the same profit profile as a Bull Spread, but unlike a Bull Spread (which doesn’t include a position in the underlying stock), the Collar is typically used to protect profits in a pre-existing long stock position (purple) by bracketing the long stock position with a long out-of-the-money put (red) and a short out-of-the-money call (green).

It may also be constructed by hedging the downside of a Covered Call with a long out-of-the-money put.

While losses are limited, further profits are similarly capped.