Married Put is long stock, and long a protective put option. The put option can be placed in many different locations which would be discussed in the blog entry. For example, if put option is near month OTM, then the trade is pretty bullish this month, and the put is only used as disaster insurance. If the put option is far month ITM, then the trade is mildly bullish which a view to a long term holding period (e.g. 6 months+).
