So, I know this is a really basic question, but is the “volume" in options bid and ask in “Lot size" or “Lots" ? For example, the lot size of SBI is 3000 and I am seeing so many orders of 12000 in market depth, so is that 12,000 lots or 4 lots? My brain tells me 4 lots, but I figured I should still ask lol.
Quantity
Yeah man, but quantity of what was my question, lots or lot size lol.
Volume = Lotsize * number of lots.
Hey Siva, good seeing you again, just to make sure I’m not misunderstanding you, if I see an order of 12,000 on the order book, it’s 12,000 lots and not, in SBI’s case 4 lots (3000x4) ? Are you sure about that? Because if you are, that’s some crazy liquidity, so much so that it blows the spot market liquidity out of the water lol.
It means 4 lots.
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Explains why I’m only seeing orders in multiples of 3000. Thanks, Siva! 
It’s always shows number of shares only,
Think logically if lot size has been changed on any event universal is number of shares.
Not only depth volume and openinterest also shown in number of shares , as a standard unit.