Notional Value of Options Granted
The notational value of something is the cumulative value of a position, including leverage and assets. Notational value is useful in understanding options. For example, imagine an option to buy 500 shares of stock in a company that is trading at $200 per share. The notational value of that option is $100,000 (200 x 500). Simply put, the notional value is the total value controlled by the option in question.
Notional Value at Investopedia