实值期权 in the money options

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。

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. An in-the-money call option means the option holder can buy the security below its current market price. An in-the-money put option means the option holder can sell the security above its current market price. Due to the expenses (such as commissions) involved with options, an option that is ITM does not necessarily mean a trader will make a profit by exercising it. 以下为相关例句，可供参考：

例句1

An investor holding a call option that's expiring in the money can exercise it and earn the difference between the strike price and market price. Whether the trade is profitable or not depends on the investor's total transaction expense. Therefore, ITM doesn't necessarily mean the trader will make money. To make a profit, the trader needs the option's in-the-money value to increase so that it does more than cover the cost of the option's premium.

持有即将到期实值的看涨期权的投资者可以行使它，赚取执行价格和市场价格之间的差额。交易是否盈利取决于投资者的总交易费用。因此，实值期权不一定意味着交易者会赚钱。为了获利，交易者需要期权的实值价值增加，这样它就能超过期权溢价的成本。

例句2

An in-the-money put option means that the strike price is above the market price of the underlying security. A put option that's in the money at expiry may be worth exercising. A put option buyer is hoping the stock's price will fall far enough below the option's strike to more than cover the premium paid to buy the put.

实值看跌期权意味着执行价格高于基础证券的市场价格。到期实值的看跌期权可能值得行使。看跌期权的买家希望股票价格能跌至期权执行价以下，以弥补买入看跌期权的溢价。

相关知识拓展：

实值期权的例子

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。

再如，当前COMEX12月期黄金的价格是435美元/盎司，那么430美元的看涨期权就是实值期权；对于看跌期权而言正好相反，比如，当前COMEX12月期黄金的价格是435美元/盎司，那么440美元的看跌期权就是实值期权。