what is the most out of the money option 
an option with a zero delta would be the most otm option since it has effectively zero chance of finishing in the money such an option would also probably be very close to worthless it will also have a delta very close to zero the bottom lineout of the money otm refers to options that do not have any intrinsic value they only have extrinsic or time value for a call option to by otm it will have a strike price that is above the current market level an otm put with have a strike price that is below the current market price at expiration if an option is out of the money it will expire worthless otm options can be contrasted with in the money itm or at the money atm options 