Value status of options

• In-the-money options: If the option is in exercisable status, it is an in-the-money option. For call options, an in-the-money option is when the market price of the underlying asset exceeds the strike price. For put options, an in-the-money option is when the market price of the target asset is lower than the strike price. Option buyers want option contracts to be in-the-money.
• At-the-money option: When the market price of the underlying asset is equal to the strike price, the value status of the option is equivalent.
• Out-of-the-money options: When the option is not worth exercising, the option status is out-of-the-money. Option sellers want option contracts to be out-of-the-money.

The option is either out-of-the-money or in-the-money on the expiration date, while the expired option has no value and exercise will not take place.