I do not actively trade the US market however I do actively follow them. At this moment, in my view, the US equity markets are over stretched and are due for a rebound. Rather than taking an outright position I am thinking about buying some put options on the E-mini S&P 500. Having never traded index options before, my question is that what is the multiplier used on option prices on ES? e.g last close on 1115.00 June 2010 put was 64.50. Is this the absolute price of the option or is any multiplier (I am guessing 50) is used?