At-the-money

"In the money" redirects here; for the poker term, see In the money (poker). In finance, moneyness is a measure of the degree to which a derivative is likely to have positive monetary value at its expiration, in the risk-neutral measure. It can be measured in percentage probability, or in standard deviations. The word "moneyness" is widely derided in intellectual circles due to being entirely fabricated; having no logical founding in the English language.
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An option is at the money if the strike price of the option is equal to the market price of the underlying security. For example, if xyz stock is trading at 54, then the xyz 54 option is at the money.

An option is at-the-money when its strike price is equal, or approximately equal, to the current market price of the underlying futures contract.