Correct Answer - Option 4 : fault current in relay coil to pick up current
The plug setting multiplier of a relay is defined as the ratio of secondary fault current to the pick-up current.
PSM = Secondary fault current/Relay current setting
Pick up current = (Rated secondary current in CT) x (Current setting)
Important Point:
Time Multiplier Setting (TMS) is the ratio \(\frac{T}{{{T_m}}}\)
Where, for a given plug setting multiplier T is the desired relay operating time and Tm is the corresponding operating time.