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Ah, got it. I stand corrected. So you would, indeed, multiply by the underlying's price in the formula.

Are you 100% sure this is how the value is calculated? Here's the example the SEC provides (https://www.sec.gov/divisions/marketreg/large-trader-faqs.htm): By way of another example, consider an investor that wants to purchase 100 contracts of puts on an index, at a strike price of 1375, where...