To hedge, a user of an energy resource wants price protection from rising prices. The user decides to buy a call option to protect against rising prices. But they want a lower cost of hedging and decide to construct a collar strategy. What other action should they take along with the purchase of the call option?

1. Buy a call option
2. Sell a call option
3. Buy a put option
4. Sell a put option
5. None of the above