in-the-money

A call is in-the-money when the underlying futures price is greater than the strike price. A put is in-the-money when the underlying futures price is less than the strike price. In-the-money options have intrinsic value. The CENTER ONLINE Futures Glossary

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The situation in which an option has value because of the relationship between the option's strike price and the current market price for the underlying instrument, the spot price. A call option is in the money when the strike price is below the spot price. A put option is in the money when the strike price is above the spot price. American Banker Glossary

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A put option that has a strike price higher than the underlying futures price, or a call option with a strike price lower than the underlying futures price. For example, if the March COMEX silver futures contract is trading at $6 an ounce, a March call with a strike price of $5.50 would be considered in the money by $0.50 an ounce. Related: put. Antithesis of out-of-the-money. Bloomberg Financial Dictionary

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A call option with a strike price lower (or a put option with a strike price higher) than the current market value of the underlying futures commodity. Chicago Mercantile Exchange Glossary

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When an option or warrant has 'intrinsic value', it is in-the-money. For a call option or a warrant, this is when the asset price exceeds the exercise price of the option. For example, a call option on a share with an exercise price of 100p when the share price is 110p is in-the-money. For a put option, it is when the exercise price exceeds the asset price. For example, a put option on a share with an exercise price of 100p when the share price is 90p is in-the-money. Dresdner Kleinwort Wasserstein financial glossary

See also at-the-money and out-of-the-money. Dresdner Kleinwort Wasserstein financial glossary

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A call option is in-the-money if the price of the underlying instrument is higher than the exercise/strike price. A put option is in-the-money if the price of the underlying instrument is below the exercise/strike price. See also Out-of-the-money.

See also out-of-the-money Exchange Handbook Glossary

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An option which has intrinsic value because the market price of the underlying is above (below) the strike price of a call ( put). LIFFE

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Options and covered warrants have a 'positive intrinsic value'. In a call option / warrant, the underlying asset price exceeds the exercise price. In a put option / warrant, the underlying asset price is less than the exercise price. For a Call covered warrant, this is where the strike price is less than the price of the underlying. For a Put covered warrant, this is where the strike price is greater than the price of the underlying. London Stock Exchange Glossary