AT-THE-MONEY
1.At-the-money forward: An option whose strike is set at the same level as the prevailing market price of the underlying forward contract. With a Black-Scholes model, the delta of a European-style, at-the-money forward option will be close to 50%.
2.At-the-money spot: An option whose strike is set the same as the prevailing market price of the underlying. Because forwards commonly trade at a premium or discount to the spot, the delta may not be close to 50%.