You can specify the DB2 Compiler directive anywhere where you can specify any other Compiler directive. For example:
$set db2(init=prot bind collection=myschema)
Compiler directives have a default value which is used if no other value is specified. This also applies to all existing DB2 directive options. Many of the options are passed straight to DB2 at compilation time and the Compiler default is used when no other value is specified. In these cases, however, the suitability of, and default values for these options is dependent on the DB2 configuration, notably whether it is connected to a DRDA server via DDCS. Because of this, the default Compiler setting of these options is "not set". This means that no value is passed to DB2 and the default value (if applicable) is determined by DB2 itself. Consult your IBM DB2 reference documentation for these values.