Deep in the money
ディープ・イン・ザ・マネー。権利行使価格が大きくイン・ザ・マネーにあるオプションで、ほぼ本質的価値からなり、原資産そのものに近い動きをする。
An option is deep in the money when its strike sits far from the current price, so most of the premium is intrinsic value rather than time value. For a call, that means a strike well below where the stock trades; for a put, a strike well above. Because of that, these options behave almost like the stock itself: delta creeps toward 1.00 (or -1.00 for puts), and they barely react to changes in implied volatility.
Traders reach for deep ITM options when they want stock-like exposure while tying up less cash than buying the shares outright. Say a stock trades at 100 and you buy the 70 call: you control the upside for a fraction of the price, and time decay is small because there is little extrinsic value left to bleed away. It is a common building block for LEAPS and stock-replacement strategies.
The trap is liquidity and the bid-ask spread. Deep ITM contracts often trade thinly, so you can lose more crossing a wide spread than you save on theta. Watch early assignment too, especially on short calls around ex-dividend dates, when the extrinsic value gets thin enough that exercise makes sense for the counterparty.
すべてのオプション用語
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