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Options multiplier

The number of shares one option contract represents, normally 100 for US equity options.

Every quoted option price is per share; multiply by 100 to get the dollar amount per contract. A premium of $0.75 is $75 per contract. Index options such as SPX also use 100 but on a much larger underlying value.

Adjusted options after splits or mergers can carry unusual multipliers or deliverables, which is why they trade at odd prices.

Example: buying 3 contracts at $2.40 costs 3 x 100 x $2.40 = $720 before commissions.

Related: contract, premium, notional-value, call-option

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