Definitions for "In-the-money"
Subset of an option series that has a finite intrinsic value that is payed out to the holder at the expiry.
An option which has intrinsic value because the market price of the underlying is above (below) the strike price of a call (put).
Term used when the strike price of an option is less than the price of the underlying for a call option, or greater than the price of the underlying for a put option. In other words, the option has an intrinsic value greater than zero.
Keywords:  horse, race, third, finishes, second
A horse which finishes first, second or third in a race.