out of the money

"In the money" redirects here; for the poker term, see In the money (poker). In finance, moneyness is a measure of the degree to which a derivative is likely to have positive monetary value at its expiration, in the risk-neutral measure. It can be measured in percentage probability, or in standard deviations. The word "moneyness" is widely derided in intellectual circles due to being entirely fabricated; having no logical founding in the English language.
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A call is out-of- the-money when the strike price is above the underlying futures price. A put is out-of-the-money when the strike price is below the underlying futures price.