Basics
In-The-Money (ITM)
Option with intrinsic value
What is In-The-Money (ITM)?
In-The-Money (ITM) An option with intrinsic value. For calls: stock price above strike. For puts: stock price below strike. ITM options have delta closer to 1 (or -1 for puts).
Complete Definition
An option with intrinsic value. For calls: stock price above strike. For puts: stock price below strike. ITM options have delta closer to 1 (or -1 for puts).
Example
AAPL at $155. The $150 call is $5 in-the-money.
Related Terms
AV
Written by
ApexVol Research Team
Quantitative options research
All calculations use live ORATS institutional data — the same source used by professional volatility desks.
RS
Technical reviewer
Ryan Silk, ApexVol Founder
Reviewed for technical accuracy
10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.
This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12.
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