When we say “I am short 30 OTM July IBM put option struck at 103”, we mix static instrument attributes with a non-static attribute
A call option is always a call option (unless in FX). The underlier and the call/put attribute are part of the product static data.
The strike/expiry are also part of the product static data. These are the 4 defining attributes of an option instrument in real
business conversation. It’s important to notice the difference between static and dynamic attributes.
Moneyness (ITM/OTM) is a dynamic attribute. Moneyness is like indebtedness. You can be in-debt now but later become debt-free.
A negative vega position is always negative vega. This characteristic never changes. It’s like a person’s ethnicity. However, this
is not an instrument attribute, but a position attribute. Ditto for the quantity.