HSY Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $181.06.

Put/Call (OI)

0.77

15k P / 20k C

Put/Call (Volume)

2.24

963 P / 429 C today

30d ATM IV

25%

annualized implied move

Call wall

$200

3k contracts

Put wall

$180

2k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $200 (3k contracts), 10% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $180 (2k contracts), 1% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 25% — calm pricing; option premium is cheap.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	4k	3k	0.83	256
2026-08-28	249	264	1.06	141
2026-09-04	57	149	2.61	60
2026-09-11	64	77	1.20	19
2026-09-18	4k	4k	1.04	323
2026-09-25	30	26	0.87	7
2026-10-02	98	26	0.27	6
2026-11-20	2k	2k	1.00	21
2026-12-18	2k	1k	0.65	27
2027-01-15	4k	2k	0.53	63
2027-02-19	73	104	1.42	3
2027-03-19	3k	1k	0.52	249
2027-06-17	98	158	1.61	21
2028-01-21	1k	744	0.71	196

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.