Married Puts, also known as Protective Puts, are a options strategy in which an investor holds a long position in an asset, such as a stock, and buys a put option on that same asset as a form of insurance. The put option gives the investor the right to sell their shares at a predetermined price, known as the strike price, at any time before the option expires.

The purpose of a married put strategy is to protect the investor's downside in the event that the price of the underlying asset falls. If the asset's price declines, the investor can exercise their put option to sell the shares at the higher strike price, thereby limiting their potential loss. On the other hand, if the asset's price increases, the investor can choose not to exercise the put option and simply sell their shares at the higher market price.

Married puts can be used to hedge against potential declines in the price of an asset, or to provide a level of downside protection for a long position. They can be used with stocks, index options, and other types of options.