Basic Points

• A contract multiplier is how much is multiplied times an option’s price to get the notional (real world) cash value. 
• For example, an option priced at $1.20 with the generic x100 multiplier is worth $120 notional.
• Most options have contract multipliers of x100 but some index products such as SPX or VX have x1000 multipliers. 
• As another example, CL is a commodity future which has a x1000 multiplier.

Risk awareness: Always make sure to check the multiplier so that you understand the notional value of a security's option contract, or else you could be trading far more size than you think that you bargained for. The CME website will always have this information posted, which can be found under the Specs tab after expanding the Contract Units section at the top.