What is the contract size of an equity option? The contract size of an option refers to the amount of the underlying asset covered by the options contract. For each unadjusted equity call or put option, 100 shares of stock will change hands when one contract is exercised by its owner. These 100 shares of underlying stock are also referred to as the contract's "unit of trade."

So 200 options == 200 X 100 == 20,000 shares

to exercise, you have to purchase 20000 * strike price.

IF the stock goes up by $1, then you have just made 20000 * 1 = $20,000