Options Skew Analytics

HSY option chain

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

Data as of 9 November 2026 (end of day)

2026-11-20(11 days)ATM 29.16%±8.71skew +1.29
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
51$19.20$22.10—$152.50—————
123$17.20$20.20—$155.00—————
01$14.90$17.60—$157.50—————
043$12.20$15.10—$160.00—————
59$9.80$12.10—$162.5030.76%$0.55$0.75271
1239$7.90$10.30—$165.0030.03%$0.90$1.2079549
023$6.20$6.90—$167.5029.93%$1.45$1.95911
48591$4.40$5.00—$170.0029.40%$2.25$2.8573931
22125$3.00$3.5029.12%$172.50—$3.40$4.00120
82513$1.85$2.4028.30%$175.00—$4.90$5.501039
531$1.15$1.6528.64%$177.50—$6.60$7.3010
6358$0.70$1.0028.47%$180.00—$7.80$10.10892
2210$0.45$0.7029.72%$182.50—————
—————$185.00—$12.40$14.301505
—————$190.00—$16.50$19.30570
—————$192.50—$19.50$21.9050
—————$195.00—$21.50$24.30280
—————$197.50—$23.80$26.80—0
—————$200.00—$26.90$29.30175
—————$202.50—$29.40$31.40—0
—————$210.00—$36.40$39.80160

Forward $172.05. The 25-delta put carries +1.29 volatility points over the 25-delta call.

2026-11-27(18 days)ATM 27.08%±10.35skew +1.29
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$17.20$20.00—$155.00—————
0—$14.80$17.60—$157.50—————
03$12.00$15.30—$160.00—————
0—$10.30$12.80—$162.5029.19%$0.90$1.35—0
018$8.10$10.00—$165.0028.31%$1.30$1.90795
0—$6.60$7.20—$167.5027.70%$1.95$2.60—0
622$4.90$5.60—$170.0027.40%$2.80$3.60642
15—$3.40$4.4027.06%$172.50—$4.00$4.70—10
122$2.40$3.1026.42%$175.00—$5.40$6.1070
0—$1.60$2.3026.60%$177.50—$7.00$7.80—0
538$1.10$1.6527.02%$180.00—$8.10$10.3080
—————$182.50—$10.20$12.40—0
—————$185.00—$12.20$14.9020
—————$187.50—$14.30$17.30—0
—————$192.50—$19.10$22.20—0
—————$195.00—$21.60$24.7010
—————$197.50—$24.20$26.90—0
—————$202.50—$29.00$31.80—0
—————$210.00—$36.30$40.0010
—————$250.00—$76.40$79.20—0

Forward $172.05. The 25-delta put carries +1.29 volatility points over the 25-delta call.

2026-12-11(32 days)ATM 26.42%±13.48skew +3.00
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$160.0028.69%$1.30$1.65729
—————$165.0028.90%$2.50$3.1001
21$6.20$7.10—$170.0026.78%$3.90$4.7009
09$3.70$4.6026.24%$175.00—————
2924$2.05$2.7525.91%$180.00—————
512$1.10$1.7026.53%$185.00—————
—————$250.00—$76.20$80.10—0

Forward $172.36. The 25-delta put carries +3.00 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 26.74%±15.08skew -0.09
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
05$61.30$65.00—$110.00—————
01$41.10$45.00—$130.00—————
01$37.00$40.00—$135.00—————
03$31.50$34.80—$140.0035.30%$0.20$0.301041
02$26.50$30.20—$145.00—————
026$22.30$25.20—$150.0030.37%$0.50$0.6515423
111$17.90$20.40—$155.0028.73%$0.85$1.1042528
117$13.40$16.10—$160.0027.79%$1.60$1.8519631
129$10.00$10.90—$165.0026.61%$2.60$3.1017422
1166$6.80$7.70—$170.0026.75%$4.60$5.001763
5120$4.40$5.3026.74%$175.00—$6.80$7.90802
19282$2.80$3.5027.08%$180.00—$10.20$11.10482
3120$1.65$2.0526.69%$185.00—$13.20$15.20200
15231$0.95$1.3027.22%$190.00—$17.10$19.60340
—————$195.00—$21.70$24.4090
—————$200.00—$26.40$30.00180
—————$210.00—$36.30$40.30400
—————$220.00—$46.40$50.3060

Forward $172.46. The 25-delta put carries -0.09 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 26.15%±19.40skew +0.44
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$56.10$59.90—$115.00—————
02$51.10$55.00—$120.00—————
06$46.30$50.00—$125.00—————
07$41.30$45.20—$130.00—————
07$36.50$40.10—$135.00—————
016$32.30$35.30—$140.00—————
03$27.60$30.50—$145.0029.56%$0.60$0.851320
0154$23.40$25.90—$150.0028.52%$1.00$1.301891
011$19.10$21.60—$155.0027.61%$1.60$2.001228
0132$15.30$17.60—$160.0026.78%$2.50$3.001476
0469$11.70$14.00—$165.0026.64%$4.00$4.501683
13139$8.50$9.90—$170.0026.22%$5.80$6.5025310
7249$6.30$7.4026.15%$175.00—$8.00$9.30680
1329$4.40$5.4026.12%$180.00—$10.60$12.802210
0109$2.95$3.9026.19%$185.00—$14.00$16.30650
13149$1.90$2.8026.34%$190.00—$18.80$20.10520
2291$1.45$1.9527.15%$195.00—$22.60$24.70100
1361$0.90$1.4027.39%$200.00—$26.80$29.20350
01,041$0.40$0.6027.79%$210.00—$36.50$39.70780
—————$220.00—$46.40$49.90120
—————$230.00—$56.20$59.80180

Forward $173.19. The 25-delta put carries +0.44 volatility points over the 25-delta call.

2027-02-19(102 days)ATM 27.99%±25.63skew +1.99
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$47.00$50.40—$125.00—————
—————$135.0032.07%$0.60$1.00802
—————$140.0031.73%$1.00$1.50790
03$28.70$32.00—$145.0031.50%$1.50$2.302135
02$24.60$27.80—$150.0030.35%$2.20$2.959015
217$21.00$23.60—$155.0029.60%$3.10$4.001075
040$17.30$19.80—$160.0029.52%$4.50$5.507510
077$13.90$16.40—$165.0028.54%$5.80$7.201080
149$10.90$12.80—$170.0028.31%$7.80$9.40876
19112$8.60$10.0028.00%$175.00—$10.30$11.80693
082$6.50$7.9027.73%$180.00—$12.80$14.80180
0139$4.60$5.8026.69%$185.00—$16.00$18.20925
0165$3.50$4.8027.53%$190.00—$19.60$21.70160
074$2.50$3.7027.54%$195.00—————
0101$1.80$2.8027.61%$200.00—$27.60$30.6034
—————$210.00—$36.80$40.2080
—————$220.00—$46.60$49.60100
—————$250.00—$76.40$79.8090

Forward $173.23. The 25-delta put carries +1.99 volatility points over the 25-delta call.

2027-03-19(130 days)ATM 27.59%±28.52skew +2.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$135.0031.90%$1.00$1.55602
04$34.10$36.70—$140.0030.98%$1.45$2.05601
15$29.50$32.50—$145.0030.64%$2.00$3.00270
019$25.70$28.30—$150.0029.41%$2.95$3.502424
019$21.80$24.30—$155.0029.52%$3.90$5.20475
231$18.30$20.70—$160.0029.50%$5.70$6.60933
0196$14.90$17.30—$165.0028.50%$6.90$8.503370
8104$12.20$14.20—$170.0028.02%$8.90$10.601050
236$9.60$11.2027.58%$175.00—$11.20$13.10951
143$7.80$9.1027.75%$180.00—$13.80$16.20940
4100$6.00$7.3027.49%$185.00—$17.10$19.502800
056$4.20$5.8026.83%$190.00—$20.30$22.506090
053$3.10$4.6026.78%$195.00—$24.20$26.4010
41,298$2.60$3.4026.98%$200.00—$28.20$30.5070
—————$210.00—$37.20$39.70131
—————$220.00—$46.50$49.40160
—————$230.00—$56.30$60.1010

Forward $173.22. The 25-delta put carries +2.73 volatility points over the 25-delta call.

2027-05-21(193 days)ATM 28.04%±35.43skew +2.79
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$120.0032.42%$0.70$0.95100
—————$145.0030.48%$3.20$4.80120
—————$150.0030.22%$4.40$6.00340
—————$155.0029.76%$5.60$7.5080
07$20.80$23.30—$160.0029.22%$7.10$9.1020
09$17.70$19.90—$165.00—————
013$14.80$16.90—$170.0028.59%$11.10$13.2020
123$12.40$14.3028.23%$175.00—$13.50$15.6060
02$10.20$12.0027.82%$180.00—————
02$8.30$9.9027.38%$185.00—————
02$6.60$8.3027.14%$190.00—$22.10$24.5020
01$5.30$6.9027.06%$195.00—$25.70$28.00100
020$4.20$5.7026.97%$200.00—————
049$2.60$3.9026.98%$210.00—$37.80$40.70170

Forward $173.77. The 25-delta put carries +2.79 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.