Out Of The Money - OTM

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Dictionary Says

Definition of 'Out Of The Money - OTM'

1. For a call, when an option's strike price is higher than the market price of the underlying asset.

2. For a put, when the strike price is below the market price of the underlying asset.
Investopedia Says

Investopedia explains 'Out Of The Money - OTM'

Basically, an option that would be worthless if it expired today.

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