A call option whose strike price is higher than the market price of the underlying security, or a put option whose strike price is lower than the market price of the underlying security. Thus, there is no incentive to exercise the option today. However, the option still has "time value", value based on the fact that the prices of the underlier can change. This "time value" diminishes as the option approaches maturity.
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- Underwater Definition | Investopedia
An option that would be worthless if it expired today. An underwater option may be either a call or put option. A call option is underwater when its strike price is ...