The hydraulic chucks I am familiar with have a large annular hydraulic cylinder at the end of the machine spindle. The piston rod is actually a tube, not surprisingly called a drawtube, that runs through the spindle and connects to the chuck mechanism. Retracting the drawtube closes the chuck and advancing it opens the chuck. On a three jaw chuck the drawtube acts through a sliding wedge mechanism.
For a 5C collet chucks close in the same manner. In this case the front end of the drawtube has a thread to take the end of the collet and it is simply pulled back into a tapered housing to close the collet.
Making a DIY hydraulic collet closer would not be too difficult. The most complex part would be making the rotating seal for the hydraulic fluid supply to the cylinder. This seal has to handle up to about 500 psi while rotating at maximum spindle speed.


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. Which is why the cylinder is annular; the stock goes right through the middle of everything.
