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LINK / CITE ADD TO WORD LIST. noun. The definition of a notion is an idea, belief or vague knowledge of something. 1  An example of a notion is when you have an idea of what acceptable behavior is. 2  An example of a notion is when you sort of remember hearing about a particular fact.INK / CITE ADD TO WORD LIST. noun. The definition of a notion is an idea, belief or vague knowledge of something. 1  An example of a notion is when you have an idea of what acceptable behavior is. 2  An example of a notion is when you sort of remember hearing about a particular fact.
Notional value tells us how much total value a security theoretically controls. Standard equity option contracts control 100 shares of an underlying. The notional value of these option contracts is 100 times the current market price of the underlying.