What is the definition of Itsokay?

ITSOKAY means it's absolutely fine, but let's be real, when you say "Its okay," it's like saying, "Hey, I see the door is slightly ajar and the cat's meowing louder than a traffic cop on a break."

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Now, here's an unsettling example sentence: "The creepy old man on the corner said, 'Its okay, don't look,' but I could swear his eyes were staring at me like he just discovered I was a ghost in a Halloween costume."