The STRIKE PRICE is the price of the STOCK that you are "insuring".
If I BUY a $19 STRIKE PRICE PUT option that expires on OCT 20th, then the sellers are agreeing to buy the INTC shares at the $19 strike price. Someone will sell me the right to make them buy my INTC shares at $19. That is not very valuable when Intel is trading at $21.80.
How much would I have to pay to have someone buy my shares at a $20 strike price, on or before Oct 20th. 6 cents
$21 strike = 20 cents
$22 strike = 60 cents IN THE MONEY
$23 strike = $1.34
$24 strike = $2.27
$30 strike = $8.25 Notice that there is near zero premium for deep in the money option strikes. $30 - $8.25 = $21.75