Out-of-the-money option,
Definition of Out-of-the-money option:
Option with a negative intrinsic value. A call-option is out-of-the-money when its exercise price is above the current market price of the underlying contract. A put option is out-of-the-money when its exercise price is below the current market price of the underlying contract. Also called underwater option. See also at the money option and in the money option.
Meaning of Out-of-the-money option & Out-of-the-money option Definition
