By TheStreet Staff Options contracts grant their owners the right (but not the obligation) to buy or sell a particular asset (usually 100 shares of a stock) at a particular price (the option’s strike price) until or upon the contract’s expiration. Call options grant their owners the right to buy an asset, while put options grant their owners the right to sell an asset. What Does ITM Mean? In the Money DefinedAn options contract is considered “in of the money” if it has intrinsic value, meaning that if its owner exercised it, they would pay less than the current market value for a stock (in the…