How Does the ‘Strike Price’ Relate to the Profitability of a Put Option?

The strike price is the price at which the holder of a Put option has the right to sell the underlying asset. For a Put option to be profitable at expiration, the underlying asset's market price must be below the strike price by an amount greater than the premium paid.

A higher strike price relative to the current market price makes a Put option more 'in the money' and thus more valuable.