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How Does Adjusting the Time to Expiration Affect the Zero-Cost Calculation?

A longer time to expiration increases the premium of both the put and the call, as both have more time value. This means a zero-cost collar can still be achieved, but the absolute premium amounts will be higher.

The relative change in premium is key; if the call premium increases more than the put premium, the zero-cost range can be widened.

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