Deep Out of the Money
In options trading, this means when the strike price is the wrong side of the current price and a long way from it. The option is out the money and there is little chance of it being in the money.
Other Trading Basics
Backwardation occurs when a bid price exceeds the ask price.
This usually occurs when stock is suspended or under a share repurchase scheme.
It can also mean that a futures contract will trade at a higher price when it is coming close to expiring.
The opposite of backwardation is known as contango.