In the money

An option is ITM when either, in a call option, the price of the underlying instrument is higher than the exercise price, or, a put option, the price of the underlying instrument is lower than the exercise price.

Literatur:

Bloss, Michael; Ernst, Dietmar; Häcker, Joachim: Derivatives, 283 Seiten, 2008
[Dieser Titel bei Oldenbourg]