Options Skew Analytics

HSY option chain

Strikes around the forward, as they were quoted at the close

Data as of 22 September 2026 (end of day)

2026-10-02(10 days)ATM 26.57%±7.42skew +1.83
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$157.5030.47%$0.25$0.40440
—————$162.5027.64%$0.75$1.0031
010$4.70$5.60—$165.0027.27%$1.25$1.75193
012$3.30$3.90—$167.5026.58%$2.10$2.65180
058$2.15$2.6026.57%$170.00—$3.20$4.00272
85$1.25$1.7026.57%$172.50—$4.80$5.7010
1441$0.65$0.9525.81%$175.00—$6.60$7.706011
—————$177.50—$8.80$9.9090
—————$180.00—$11.10$12.20106
—————$185.00—$16.00$17.3030

Forward $168.73. The 25-delta put carries +1.83 volatility points over the 25-delta call.

2026-10-09(17 days)ATM 25.14%±9.16skew +1.19
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$160.0026.93%$0.80$1.05380
—————$165.0025.67%$1.85$2.35650
—————$167.5025.26%$2.80$3.30310
087$2.85$3.3025.11%$170.00—$3.90$4.70441
20$1.90$2.3525.17%$172.50—$5.30$6.2006
233$1.30$1.6525.74%$175.00—$7.00$8.202240
10$0.80$1.1525.99%$177.50—————
123$0.50$0.7025.89%$180.00—$11.20$12.5010

Forward $168.77. The 25-delta put carries +1.19 volatility points over the 25-delta call.

2026-10-16(24 days)ATM 25.29%±10.96skew +1.28
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$28.30$29.60—$140.00—————
—————$155.0028.98%$0.55$0.90761
—————$157.5027.68%$0.80$1.1520
01$9.80$10.80—$160.0026.27%$1.15$1.4534348
—————$162.5026.56%$1.85$2.1004
15$6.40$6.90—$165.0024.94%$2.35$2.755303
313$4.80$5.60—$167.5025.08%$3.30$3.9007
3333$3.50$4.3025.34%$170.00—$4.50$5.302474
11$2.60$3.2025.43%$172.50—————
12274$1.80$2.3525.31%$175.00—$7.50$8.80720
12$1.15$1.7525.28%$177.50—————
81331$0.90$1.1025.38%$180.00—$11.50$12.50593
10$0.60$0.7525.50%$182.50—————
—————$185.00—$16.00$17.30280
—————$190.00—$20.90$22.2050

Forward $169.00. The 25-delta put carries +1.28 volatility points over the 25-delta call.

2026-10-23(31 days)ATM 25.14%±12.39skew +1.80
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$155.0027.15%$0.75$1.00180
—————$160.0026.26%$1.45$2.00320
14$6.90$7.90—$165.0025.72%$2.80$3.60123
1112$3.90$5.1025.13%$170.00—$5.00$5.80150
011$2.30$3.1025.65%$175.00—$7.80$9.0010
113$1.10$1.5024.47%$180.00—————

Forward $169.10. The 25-delta put carries +1.80 volatility points over the 25-delta call.

2026-11-20(59 days)ATM 29.12%±19.79skew +1.71
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$140.0033.18%$0.65$0.807310
—————$145.0032.30%$1.00$1.3511130
—————$150.0030.86%$1.55$1.9511525
020$16.60$17.80—$155.0030.23%$2.50$2.953103
013$12.90$14.00—$160.0030.13%$4.00$4.402243
0117$9.70$10.70—$165.0029.30%$5.60$6.307011
12179$7.20$7.6029.14%$170.00—$8.00$8.706691
2217$5.00$5.4028.49%$175.00—$10.90$12.00730
12119$3.50$3.8028.55%$180.00—$14.20$15.30990
23249$2.30$2.6528.51%$185.00—$18.10$19.201790
15478$1.50$2.0029.17%$190.00—$21.40$23.80620
22396$0.95$1.3029.04%$195.00—$25.80$28.30280
0249$0.65$0.8029.14%$200.00—$30.50$33.00200
—————$210.00—$39.90$42.60180
—————$220.00—$49.60$52.3011

Forward $169.04. The 25-delta put carries +1.71 volatility points over the 25-delta call.

2026-12-18(87 days)ATM 26.98%±22.24skew +2.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$57.40$60.20—$110.00—————
01$38.80$41.90—$130.00—————
01$33.80$37.00—$135.0032.03%$0.60$1.0013023
03$29.20$32.40—$140.0031.04%$0.90$1.50650
—————$145.0029.71%$1.50$1.905113
024$20.90$23.40—$150.0029.17%$2.20$2.90810
013$17.20$18.60—$155.0028.63%$3.30$4.101470
03$13.70$15.00—$160.0027.92%$4.80$5.5010410
06$10.70$11.70—$165.0027.42%$6.70$7.40634
372$7.90$8.6026.99%$170.00—$9.00$9.801920
562$6.00$6.4026.93%$175.00—$11.80$12.80491
0144$4.30$4.7026.67%$180.00—$15.00$16.30430
355$3.00$3.4026.52%$185.00—$18.60$20.10260
388$2.15$2.7027.27%$190.00—$22.60$24.20330
231$1.45$1.9527.28%$195.00—$26.10$28.7090
3120$1.00$1.2526.99%$200.00—$30.70$32.80180
—————$210.00—$39.80$42.90380

Forward $168.84. The 25-delta put carries +2.11 volatility points over the 25-delta call.

2027-01-15(115 days)ATM 26.78%±25.48skew +1.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
011$57.50$61.50—$110.00—————
03$52.80$56.60—$115.00—————
06$48.30$51.00—$120.0033.64%$0.30$0.40655
06$43.50$46.80—$125.00—————
07$38.30$41.50—$130.00—————
07$33.70$36.90—$135.00—————
018$29.90$32.90—$140.0030.12%$1.50$1.80680
03$25.60$28.60—$145.0028.86%$1.90$2.551090
0154$21.80$24.60—$150.0028.75%$2.85$3.701220
011$18.30$19.70—$155.0028.03%$4.20$4.70912
0125$15.00$16.20—$160.0027.97%$5.90$6.401310
061$11.90$13.10—$165.0027.17%$7.60$8.301541
090$9.30$10.4026.88%$170.00—$9.90$10.702150
480$7.20$8.1026.60%$175.00—$12.60$13.80630
2181$5.50$6.3026.55%$180.00—$15.80$17.102110
193$4.00$4.8026.27%$185.00—$19.20$20.80660
1137$2.90$3.7026.31%$190.00—$23.10$24.80520
1213$2.15$2.8026.47%$195.00—$26.90$29.20130
1319$1.70$2.1527.01%$200.00—$31.30$33.60560
01,031$0.90$1.2527.44%$210.00—$41.60$42.40992
1149$0.50$0.6027.47%$220.00—$49.60$52.70840

Forward $169.54. The 25-delta put carries +1.73 volatility points over the 25-delta call.

2027-02-19(150 days)ATM 27.56%±29.97skew +3.01
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$130.0032.03%$1.05$1.70340
—————$135.0030.81%$1.45$2.15290
—————$140.0030.50%$2.15$2.95120
03$27.30$29.80—$145.0029.78%$3.10$3.70540
—————$150.0029.34%$4.30$4.80581
03$20.00$21.50—$155.0029.02%$5.80$6.20580
09$16.80$18.10—$160.0028.20%$7.20$7.90362
1333$13.90$14.30—$165.0028.03%$9.20$10.1050
012$11.00$12.1027.56%$170.00—$11.60$12.30810
150$9.00$9.9027.56%$175.00—$14.30$15.00600
011$7.10$7.5026.69%$180.00—$17.30$18.10180
155$5.40$5.9026.29%$185.00—$20.60$22.00190
120$4.30$4.6026.35%$190.00—$24.20$25.70160
1334$3.30$3.6026.33%$195.00—————
1573$2.50$2.9526.58%$200.00—$31.30$35.0030
665$1.40$1.9026.90%$210.00—$40.40$44.3080
—————$220.00—$49.90$52.60100

Forward $169.59. The 25-delta put carries +3.01 volatility points over the 25-delta call.

How to read this

Calls on the left, puts on the right, the strike between them — the layout every chain uses. Each block is one expiration, and the heading carries its days to expiry, the at-the-money implied volatility, and the one-standard-deviation move that volatility implies over that time.

Only the 21 strikes nearest the forward are stored, which is the part of the board that carries the volume. The shaded side is in the money: below the forward for calls, above it for puts.

Implied volatility is shown on the out-of-the-money side only. An in-the-money option is nearly all intrinsic value quoted on a wide market, so a volatility solved from it would look authoritative and mean very little. The price is still shown, because the price is real; the blank is deliberate.