Moneyness
At The Money- ATM options have a strike price that is the same as the current trading price. An ATM option has no intrinsic value but does have time value.
In The Money- ITM options have positive intrinsic value and positive time value. A call option is said to be in the money when the strike price is below the current trading price. A put option is in the money when the current price is higher than the strike price.
Out Of The Money- OTM options have no intrinsic value. For a call option this means the strike price is above the current trading price. A put option is OTM when the strike price is below the current trading price.