I'm looking to buy a put option, but I don't understand the pricing.
There is a stock X, and it trades at $200 / share. A 1 week put option is priced at $0.75 / option. But to actually make the trade for 1 option, the cost of the transaction is $75.00 -- 100x the put cost!
Similarly, if I buy a longer term put option, ~180 days, the cost is $8.00 / share, and the transaction cost for 1 share is ~$800.00.
Why is the cost of the order 100x the cost of the actual put option price?