An ‘at the money’ option is an option that would lead to zero cash flow to the holder if it were exercised immediately. An option on the index is at the money when the current index equals the strike price (i.e. spot price = strike price).
In the stockmarket - time is not money - time is time and money is money.
Often money that is just sitting can later be moved into the right situation at the right time and make a vast fortune – patience – patience.
An order placed in the market to buy or sell to close out an open position in order to limit losses when the market moves the wrong way.