Yes. Punch allows you to trade options at any strike price, whether it is in-the-money (ITM), at-the-money (ATM), or out-of-the-money (OTM). There are no restrictions based on how far a strike is from the current spot price.

The only limitation is on illiquid contracts. If a particular contract has very low trading volume, Punch may restrict orders on it to protect you from poor fills. This applies equally to ITM and OTM strikes.

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