What Is the Alternative Options Strategy Known as a “Protective Put”?

A protective put is a hedging strategy where an investor who holds a long position in the underlying asset buys a put option on that same asset. This strategy provides insurance against a fall in the asset's price below the put's strike price, while still allowing the investor to profit from unlimited upside.

It is often described as a "synthetic call" because the combination of Long Asset + Long Put has a payoff profile similar to a long call option.