How should I think about a collar when the stock position and the options seem to push against each other?

Start with the stock because the collar is built around an existing equity position. The put and the short call then reshape that stock payoff.

Suppose Silver Pike Logistics owns stock at 90, buys a put with strike 84 for 2, and sells a call with strike 98 for 1.

At expiration:

• If stock falls sharply, the put limits downside.
• If stock rises sharply, the short call caps upside.
• If stock stays between 84 and 98, both options may expire with little or no value and the stock drives the result.

So the collar is not "stock plus two unrelated options." It is a stock payoff with a floor and a ceiling attached.

That framing helps with max profit and max loss too:

• Max loss is reduced by the protective put.
• Max profit is reduced by the short call.

Whenever a collar question looks confusing, draw the stock result first and then layer the two option legs on top.