In the money option指的是实值期权、价内期权。

期权按执行价格与标的物市价的关系可分为实值期权、平值期权和虚值期权。

实值期权是指具有内在价值的期权。当看涨期权的敲定价格低于相关期货合约的当时市场价格时，该看涨期权具有内涵价值。当看跌期权的敲定价格高于相关期货合约的当时市场价格时，该看跌期权具有内涵价值。例如：小麦期货价格为1620元/吨，执行价格为1600元/吨的看涨期权为实值期权；执行价格为1640元/吨的看跌期权为实值期权。

The phrase in the money (ITM) refers to an option that possesses intrinsic value. An option that's in the money is an option that presents a profit opportunity due to the relationship between the strike price and the prevailing market price of the underlying asset.

out of the money option则对应的是虚值期权、价外期权。

虚值期权指如果立即执行期权，期权持有者的现金流量是负的。如果买权的协定价格高于市场汇率，或者卖权的协定汇率低于市场汇率，则为虚值期权。在期权处于虚值状态时，期权的买方不会执行期权，让其到期自动失效

"Out of the money" (OTM) is an expression used to describe an option contract that only contains extrinsic value. These options will have a delta of less than 0.50. An OTM call option will have a strike price that is higher than the market price of the underlying asset.

另一个平值期权对应的英文则为at the money option。

平值期权是指期权的行权价格等于正股的市场价格，或称为等价期权。

At the money (ATM) is a situation where an option's strike price is identical to the current market price of the underlying security. An ATM option has a delta of ±0.50, positive if it is a call, negative for a put. Both call and put options can be simultaneously ATM.

如果在期权等价/平价状态行权，若不考虑交易成本，此时期权持有人的利润为零，也就是说此时该期权的内在价值为零。所以，对于看涨和看跌期权，只有当行权价高于或低于正股市场价格时行权，才能获利。

以下为相关双语示例，供参考：

When an option is 'in the money' it is said to have intrinsic value.

当期权处于价内状态时，可以说这种期权具有的内在价值。