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I think this is a synthetic long. It would apply if you are bullish on a stock and expecting it to rise. If it ends below the strike (assuming both the call and put have the same price)your call would expire worthless and you would have the shares put to you at the strike. MFO has a synthetic long recommended on ATVI. You could check that board as well as the Options U for more detailed info.

I hope that helps.
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