Notional Risk, sometimes called Notional Value, is the total risk of a derivatives contract. This term is often quoted for leveraged positions such as options, futures, and currency markets.
For options, Notional Risk is the total capital required to cover the costs of assignment. For a standard options contract with a 100x multiplier, the notional risk is the strike price x 100. When trading a spread, the notional risk is the total assignment value, but less commonly quoted, as the term applies more to naked options contracts.