If the spot price is higher than the strike price for a put option, it is said to be:

If the spot price is higher than the strike price for a put option, it is said to be "out of the money" (OTM).

Explanation:

1. Put Option Basics: A put option gives the holder the right, but not the obligation, to sell an asset at a specified strike price before the option expires.

2. Comparison of Prices:

   • Spot Price: The current market price of the underlying asset.
   • Strike Price: The price at which the option allows the holder to sell the underlying asset.

3. In the Money vs. Out of the Money:

   • If the spot price is lower than the strike price, the put option is "in the money" (ITM), meaning it has intrinsic value.
   • Conversely, if the spot price is higher than the strike price, the put option does not have intrinsic value and is therefore classified as "out of the money."

Thus, understanding these terms is crucial for anyone trading options, as it impacts pricing strategies and potential profitability.