strike price一般指成交价，是经由买卖双方充分参与，在一定的撮合原则下，由市场供需决定的公平、合理的价格；亦是产品最终的交易价格。

但在期权文件中，可以将这一层意思进一步具体化，译为“行权价”。也就是期权合约持有者行使其买入、或卖出权利的价格。说白了，就是你持有的期权合约可以在什么价位买入或卖出对应的股票。

行权价是一个在期权合约中预先规定好的价格，在期权合约到期前，合约的持有者可以选择按照该价格买入（对于call option而言），或卖出（对于put option而言）相应数量的股票，以通过价差来获利。

strike price的英文释义如下：

Options contracts are derivatives that give the holders the right, but not the obligation, to buy or sell some underlying security at some point in the future at a pre-specified price. This price is known as the option's strike price (or exercise price). For call options, the strike price is where the security can be bought by the option holder; for put options, the strike price is the price at which the security can be sold.

而关于“ITM in the money”和“OTM out of the money”，先来看一下其英文解释：

For call options, strikes lower than the market price are said to be in-the-money (ITM), since you can exercise the option to buy the stock for less than the market and immediately sell it at the higher market price. Likewise, in-the-money puts are those with strikes higher than the market price, giving the holder the right to sell the option above the current market price. This feature grants ITM options intrinsic value.

对于看涨期权而言，行权价低于市场价即属于ITM，因为你可以以低于市场价的价格行权购买股票并立即以较高的市场价格出售股票；对于看跌期权而言，ITM则指行权价高于市场价，从而给予持有者以高出市场价的价格卖出期权。这一特性赋予了ITM期权内在价值。

Calls with strikes that are higher than the market, or puts with strikes lower than the market, are instead out-of-the-money (OTM), and only have extrinsic value (also known as time value).

高于市场价的看涨期权行权价和低于市场价的看跌期权行权价属于OTM，仅有外在价值（亦称时间价值）。

因此，可将ITM译为“价内期权”（如果期权价值超过了行权价，即有利可图了，此时被称为实值“价内期权”），OTM译为“价外期权”（如果基础资产的价值未达到行权价，就不值得行使该权利，该期权被称为虚值“价外期权”）。

此外，除了这两者之外，还有一个at the money，ATM：如果基础资产的价值刚好等于行权价，期权被称之为“平值期权”( at the money)。

以下为相关双语示例，供参考：

for bear CBBC, (strike price or level of the CBBC - spot price or level of the underlying asset) + prevailing funding cost. markets.rbs.com.hk

就熊证而言，（牛熊证的行权价或行使水平 – 挂钩资产的现货价或现货水平）+ 当时 资金成本。