From Binary Options Wiki
Out-of-the-money
When trading in binary options an out-of-the-money result is when the price of the chosen asset will not earn the investor anything at the expiration time.
For Call options an out-of-the-money result would occur when the expiry price in lower than the price was at purchase and at the opposite end, an out-of-the-money result for a Put option would occur when the expiry price is higher than the price of the chosen asset at the time of purchase.