An option with no intrinsic value. A call option is out-of-the money if its strike price is above the underlying and a put option is so if its below the underlying.
Remember, I am neither a bear nor a bull, I am an agnostic opportunist. I want to make money short- and long-term. I want to find good situations and exploit them.
The tendency for prices of physical commodities and futures to approach one another, usually during the delivery month