Premium per contract
The cost of one option contract. It is the quoted price multiplied by 100 for a standard U.S. equity option, so a $1.50 quote costs $150.
Option prices are quoted per share of the underlying, while each standard U.S. equity option contract covers 100 shares. The premium paid for one contract is therefore the quoted price multiplied by 100, before commissions and fees.
Reading a quote of 0.85 as 85 cents in total is a common beginner mistake. At that quote, one contract costs $85. Contracts adjusted after a split or other corporate action can cover a different deliverable and use a different effective multiplier.
Illustrative example (hypothetical numbers, not a real trade): a call quoted at $3.20 costs 3.20 × 100 = $320 per contract. Buying 5 contracts commits $1,600 of premium, and that $1,600 is the maximum a buyer of those calls can lose, plus commissions and fees.