It's short for mg/ml. 18 mg = 18 mg/ml
I'd go further and say that doesn't say much about how much nicotine is in the vapor, and even less about how much nicotine you absorb. Some data indicates that nicotine from vapor is less well absorbed than from smoke or smokeless
tobacco. It seems the absorption is slower, and it takes place, for most part, in the mouth / throat and not in the lungs.
Very broadly 24 mg is considered "high" in the
sense that it tends to be satisfactory for a fairly heavy smoker, and too much for a light smoker. 16-18 mg would be "standard" and the rest is "low". Most people who smoke ~1 PAD of regulars seem to do well with 24 mg and even 18 mg. A lot new vapers
vape a certain nic strength and keep a higher one as "rescue" for cravings. There is NO clear rule however, and I'm afraid you'll have to try several. A lot of people are able to drop their nic strength over time, some even to 0.