What is Notional Volume?

Notional volume is a distinct measurement of trading volume in a particular time frame and is often considered in context with market value, which is the current price of a security that can be purchased or sold through a brokerage or exchange service. As an example, let's say a call option representing 100 shares of a specific stock with a strike price of $30 may actually trade on the market for $1.50 per contract (100 x $1.50 = $150 market value) but its notional value is $3,000 (100 x $30). This is an example of the classification of notional volume.