Intrinsic value is the degree to which an option is actually worth the money. Only ITM options have intrinsic value.​

ITM, ATM and OTM options all have extrinsic value as long as there is some time until expiration. Extrinsic value is equal to the option price minus intrinsic value.

ATM options generally have the highest extrinsic value and decrease in both directions away from the ATM strike.

All else being equal, the longer the time to expiration, the higher the extrinsic value of the option.

All else being equal, the higher the IV, the higher the extrinsic value of the option