Help me understand puts and max I can lose

I know this gets asked alot but let's say I want to put TSLA at a 353 strike. I believe the cost is about $7, so 7*100 is my fee? So $700 is the max I can lose if it doesn't hit the strike price? But then I would basically keep anything below the strike price but it would have to drop $7 below the strike price to make it profitable?