Out of the money
A call whose strike is above the underlying price, or a put whose strike is below it. An out-of-the-money option has no intrinsic value.
An out-of-the-money option is made up entirely of extrinsic value. It costs less than an at-the-money or in-the-money option with the same expiration, and the underlying has to move past the strike before expiration for it to have any value at that date.
Short-dated out-of-the-money options are cheap per contract, which is why large contract counts in them can look dramatic on the tape while the premium involved stays modest.
Illustrative example (hypothetical numbers, not a real trade): with a stock at $60, a $65 call is $5 out of the money. If it costs $0.40, or $40 per contract, the stock has to finish at or above $65.40 at expiration for the buyer to recover the premium. If the stock finishes at or below $65, the call expires worthless.