It is the most meaningful thing. It's the exact amount of money you are risking. It's the exact amount you lose if it doesn't strike. If I buy a put for $2, the most I can lose is $2. It's meaningful even with no other information.
13F notional value, on the other hand, is meaningless without more info.
I disagree quite a bit, and in fact the notional value is exactly what you want to measure this, without more information about the trades. The amount of money that is at risk with options is irrelevant because two different option positions with the same overall cost can have completely different risk profiles, which makes the actual value of those options not so interesting. In the absence of all the other details about the options trades, the actual amount paid for them is without much meaning.
It is the most meaningful thing. It's the exact amount of money you are risking. It's the exact amount you lose if it doesn't strike. If I buy a put for $2, the most I can lose is $2. It's meaningful even with no other information.
13F notional value, on the other hand, is meaningless without more info.