In the money: means that the stock price is higher than the exercise price of the call option, or the stock price is lower than the exercise price of the put option
- The intrinsic value of an in-the-money call option is equal to the amount difference of stock price and exercise price, and the time value premium is equal to the portion of the premium over its intrinsic value.
- The intrinsic value of a in-the-money put option is equal to the amount of the stock price lower than the exercise price, and the time value is equal to the portion of the premium over the intrinsic value.
Out of the money: means that the stock price is lower than the exercise price of the call option, or the stock price is higher than the exercise price of the put option
- The intrinsic value of an out-of-the-money call/put option is 0, and the premium is equal to the time value.
Parity: refers to the stock price equal to the exercise price of the option
实值（in the money）指股票价格高于看涨期权的行权价，或是股票价格低于看跌期权的行权价
- 实值看涨期权的内在价值（intrinsic value）等于股票价格超过行权价的金额，时间价值（time value premium）等于权利金超过其内在价值的部分。
- 实值看跌期权的内在价值等于股票价格低于行权价的金额，时间价值等于权利金超过内在价值的部分。
虚值（out of the money）指股票价格低于看涨期权的行权价，或是股票价格高于看跌期权的行权价
- 虚值看涨/看跌期权的内在价值为0，权利金等于时间价值。
平值（parity）指股票价格等于期权的行权价