Definitions for "In the Money Option"
An option having intrinsic value. A call is in the money if its strike price is below the current price of the underlying futures contract. A put is in the money if its strike price is above the current price of the underlying futures contract.
A call option is in-the-money if its strike price is below the current market value of the underlying instrument. A put option is in-the-money if its strike price is above the current market price of the underlying instrument.
An option with an exercise price higher than the current value of the underlying commodity. options