25 May 2026
5 mins read
An Out-of-the-Money (OTM) call option is an options contract where the strike price is higher than the current market price of the underlying stock. Since the stock price is below the strike price, the option has no intrinsic value at that stage. This article explains their meaning, uses, benefits, risks, and what happens at expiration.
Before we get into OTM call options, we need to go over some basic terms that are used in options trading. These ideas are the basic parts that will help you understand how everything works. An option gives you the right, but not the duty, to buy or sell a stock.
Here are the important terms you should know:
Call Option: This lets you buy an asset at a certain price.
Put Option: This lets you sell an asset at a certain price.
Strike Price: This is the price you agree to buy or sell the asset at.
Expiration Date: This is the last day you can use your option.
Premium: This is the amount you pay to get an options contract.
Moneyness: This word just means whether your option is currently making money (In-the-Money), not making money (Out-of-the-Money), or at the breakeven point (At-the-Money). It depends on how the stock price compares to your strike price.
Intrinsic Value: This is the actual, measured value of an option if it were used today. The difference between the strike price and the stock price is what it is.
OTM, or Out of the Money, options are a type of option that has no intrinsic value and only has extrinsic value. To put it another way, for investors to make money with OTM options, the stock that the options are based on must move a lot in price. One reason OTM options are popular is that they are cheap to buy. Like In The Money (ITM) and At The Money (ATM) options, OTM options give investors the choice between call and put options.
If the strike price of an OTM (Out-of-the-Money) call option is higher than the stock's current market price, the option is OTM. If the option expired right now, it would be worthless, which is why it's called "out-of-the-money".
You wouldn’t use your option right away because it would cost less to buy the stock directly from the market rather than exercising the option. For an OTM call option to make money, the stock price has to go up a lot and above your strike price before the option expires.
An OTM call option has a strike price that is higher than the current market price of the stock. Since the stock is trading below the strike price, the option has no intrinsic value at the time of purchase.
For example, if a stock is trading at ₹100 and you buy a call option with a strike price of ₹120, the option is considered Out-of-the-Money. The stock price must rise above ₹120 before the option starts gaining intrinsic value.
Similarly, an OTM put option has a strike price lower than the current market price of the stock. Traders who expect the stock price to fall may buy OTM put options.
OTM options are generally cheaper than At-the-Money (ATM) or In-the-Money (ITM) options because they carry a lower probability of profit. However, they can offer high returns if the stock price moves sharply in the expected direction before expiry.
If the stock price does not move beyond the strike price by the expiration date, the option expires worthless and the buyer loses the premium paid.
If OTM options are worthless at first, why would anyone ever buy them? That's a great question. The answer is that they are cheap and have a lot of potential to make money.
Buying an OTM option doesn't cost much, but it carries a high-risk, high-reward potential. If the stock price moves a lot in your favour before the expiration date, an OTM option could become an ITM (In-the-Money) option.
For instance, if you buy a call option for a few rupees when it is far OTM and the stock price goes up, it could be worth hundreds of rupees. Experienced traders are drawn to OTM options because they have the potential to make a lot of money.
But there is a big risk. If the stock price doesn't move enough and your option is still OTM when it expires, it loses all of its value. You lose all of the money you paid for it. That's why OTM options are a risky but potentially profitable way to trade.
Additional Read: ITM call option
Out-of-the-money call options are very popular because they have special benefits. Let's look at the strong reasons why traders should think about OTM options:
When the underlying asset moves in the same direction, OTM options can make bigger percentage gains than in-the-money and at-the-money options.
OTM options usually cost less than in-the-money or at-the-money options because they don't have any intrinsic value.
Options with a strike price that is farther away from the current market price cost less than options with a strike price that is closer to the current market price.
OTM options make it easier for traders to understand their risk profile than other strategies.
Also Read: Implied Volatility In Options
When an OTM call option reaches its expiry date, the outcome depends on the stock price at that time.
If the stock price is still below the strike price at expiration, the option expires worthless. This is known as worthless expiration.
Here is what happens step by step:
If the stock price is less than the strike price at expiration: The option expires worthless and leads to full forfeiture of the premium.
Stock price at expiry equals strike price: The option is at-the-money (ATM) at expiry. It has no inherent value. It usually expires worthless.
Stock price above strike price at expiry: The option becomes ITM (In-the-Money). Now it has a value of its own. The buyer can exercise the option or sell it in the market before it expires.
Time decay accelerates as expiry nears: The time value of an OTM option decays faster in the days approaching expiration. This is known as theta decay. If the stock isn’t trading above the strike price, the premium loses value every day.
Most OTM options expire worthless: OTM options have a high percentage of expiring worthless. This is because the stock didn’t move up enough above the strike price during the life of the contract.
Additional Read: How to Invest in Stocks
An OTM call option is one where the strike price is above the current market price. You do not have intrinsic value yet. The stock needs to move up before the option becomes worth anything.
If the stock does not cross the strike price by expiry, an OTM call expires worthless. You lose the entire premium you paid. Nothing carries forward after expiry.
Yes, buying OTM options carries real risk. The stock needs to move significantly in your favour before expiry. If it does not, you lose the full premium you put in.
Traders buy OTM calls when they expect a sharp move up but want to spend less upfront. The premium is lower than ITM options, so the risk is limited to what you paid.
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