Glossary
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| Implicit Volatility The volatility reflected in the option price. |
| In the Money (ITM) A call option, where the current market price is above the strike price, or a put option, where the market price of the underlying is below the strike price. |
| Intrinsic Value The intrinsic value of an option refers to the difference between the current (spot) market price and the strike price of the option, provided this represents an advantage to the buyer. The intrinsic value is always positive or set to zero, since negative values are of no interest. |