in the money and out of money

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•  Current price (from your screenshot)
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• SPY ≈ 690.53
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• Put options in your image
• ✅ ITM PUTS
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• These have strikes above 690.53
• They already have intrinsic value.
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• 691 Put → ITM
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• 692 Put → ITM
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• 693 Put → ITM
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• That’s why:
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• Their prices are higher
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• % change is large (but negative today because SPY moved up)
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• ⚖️ ATM PUT
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• 690 Put → Essentially ATM
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• Very sensitive to price movement (high gamma)
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• ❌ OTM PUTS
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• These have strikes below 690.53
• They only have value if SPY drops.
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• 689 Put → OTM
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• 688 Put → OTM
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• That’s why:
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• Their prices are cheap
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• They are losing value fast on a bullish move
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• In a bullish chart context
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• Since SPY is going up:
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• Puts lose value
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• OTM puts decay fastest
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• ITM puts lose value more slowly (they still have intrinsic value)
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• Quick cheat sheet
• Put Strike Status Why
• 693 ITM Strike > SPY
• 692 ITM Strike > SPY
• 691 ITM Strike > SPY
• 690 ATM Near SPY price
• 689 OTM Strike < SPY
• 688 OTM Strike < SPY