1. For something to be under/situated under something
2. Something that is important, but is hidden away
1. There is an underlying issue with this program. (There is an issue that is not obvious with the program)
2. A green box is underlying another box. (A green box is underneath another box)
by FesterTY September 14, 2018
Get the underlying mug.
Meaning "less than something should be". It's the opposite of "overly".
It's one of those words that you know isn't necessarily proper English, but you still find slipping into your sentences every so often.
I am so underly protective, but I know my girl won't mess around
by marrymenow December 29, 2014
Get the underly mug.
(FINANCE) a stock whose price movements determine the value of a financial derivative. For example, when a hedge fund manager writes a call option for Citigroup (NYSE:C) at 4.25/share, C is the underlying stock.

"Underlying" can be used to refer to other things besides stocks; for example, commodities, currencies, or bonds.
A put option rises when the spot price of its underlying stock declines.
by Abu Yahya April 5, 2010
Get the underlying stock mug.
the dark matter that builds up uner your toenail after 3 months of avoidance, not to mention it smells like rotten mayo the dwells in liklyness of teste satchel.
you smell like the underlying filth , i want to kill my whole family
by oren November 6, 2004
Get the the underlying filth mug.
Very under. Like an underly ripe avacado.
I am as cold as a fucking underly ripe avacado.
by alytheripenedavacado November 24, 2013
Get the underly mug.
A Covid-denier's first response to hearing that a person has died from Covid-19. Because they absolutely know that the disease is nothing more than a politicized hoax.
"My friend died from Covid."
"She must have had underlying condition."
by Monkey's Dad September 7, 2020
Get the underlying condition mug.