C. protective put is the term applied to the strategy Travis is using.
By purchasing (or already owning) shares as well as put options, one might establish a protective put position. In the given example, 100 shares are bought (or owned) together with one put. Investors use a protective put, a risk-management technique based on options contracts, to protect themselves from losing money on a stock or other asset.
Protective puts offer downside protection from asset price falls in exchange for the cost of the premium, acting as an insurance policy. Since the put buyer also owns shares in the underlying asset, protective puts offer limitless possibilities for profit.
Travis' strategy is termed to as a protective put.
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