At-the-Money

warning: call_user_func_array() expects parameter 1 to be a valid callback, function '_book_outline_access' not found or invalid function name in /export/home/users/ibkb/drupal/drupal-6.16/includes/menu.inc on line 452.

An option is described as being at-the-money when the exercise price is approximately the same as that of the underlying instrument.