In the following graph there's an example of Delta for a Call Option and a Put Option. I understand what this greek means and I understand why it's positive for calls and negative for puts. What I don't understand is the x-axis label in the "Put Delta" graph.
My confusion is: why is OTM to the left of Strike and ITM to the right? Shouldn't they be flipped since a Put is ITM when the underyling is lower than the strike and vice-versa? Or am I reading the axes wrong.
Thanks.