What will happen when an option expires out of money ?

Two scenarios are possible:

1. When the Call Option is no longer available
2. The Put Option is no longer available.

A call option expires out-of-the-money:A call options is considered Out of The Money (OTM), if its strike price exceeds the current market price for the underlying instrument. The buyer loses the premium he paid for the contract, while the seller makes a profit.

When a put option expires out-of-the-money: If the strike price is lower than the current market price for the underlying security, a put option is considered Out of The Money (OTM). The buyer loses the premium he paid for the contract, while the seller makes a profit.