Futures prices can differ from forward prices because of the effect of interest rates on the interim cash flows from the daily settlement.
|Call Option||Put Option|
|In-the-money||S > X||S < X|
|At-the-money||S = X||S = X|
|Out-of-the-money||S < X||S > X|
Exercise value of an option is the maximum of zero or the amount that the option is in the money.
Time value of an option is the amount by which the option premium exceeds the exercise value.