In the money (ITM)
イン・ザ・マネー。本質的価値を持つ状態で、コールは権利行使価格が株価より低い、プットは高い場合を指す。
An option is in the money when exercising it right now would have intrinsic value. For a call, that means the stock trades above the strike; for a put, it means the stock trades below the strike. The deeper in the money an option sits, the more it behaves like the underlying stock, because its delta pushes toward 1.00 (or -1.00 for puts) and its price moves nearly dollar-for-dollar with the shares.
In practice, traders reach for ITM options when they want higher delta and less exposure to time decay. Say a stock is at 105 and you buy the 100 call: it already carries 5 points of intrinsic value, so most of what you pay is real, not just premium that theta will bleed away. Contrast that with a cheap out-of-the-money call, where the whole premium can evaporate if the stock stalls.
The common mistake is assuming ITM means guaranteed profit. You still paid a premium above intrinsic value, so the position only wins if the stock moves enough to cover that extra cost. Being in the money at expiration also means the option will typically be exercised or assigned, which matters if you are short and do not want the shares.
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