In The Money
An option that already has real, exercisable worth — its strike sits on the favourable side of the current spot price.
Definition
An option is in the money (ITM) when it currently carries intrinsic value — it would be worth something if exercised right now. A call is ITM when spot is above its strike; a put is ITM when spot is below its strike. This is one of the three states of moneyness alongside ATM and OTM.
Why it matters
ITM options cost more because part of the premium is solid intrinsic value, not just time and hope. They also have higher delta, so they track the underlying more closely and decay less from theta. Traders who want exposure that behaves like the underlying, or who plan to exercise, lean toward ITM strikes.
Example
NIFTY spot is 22,700. A 22,500 call is ITM by 200 (spot minus strike). A 22,900 put is ITM by 200 (strike minus spot). Each holds that intrinsic value before any time value is added on top.
Spot ITM strikes live
TradePulse's option chain highlights moneyness so you can instantly see which strikes are ITM, ATM or OTM.