HSYThe Hershey Company
Options Analysis Report•SUGAR & CONFECTIONERY PRODUCTS
Market Cap $39.0B|NYSE
● 2026-04-17$192.63
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +15.7%YTD +5.6%7D -4.8%
Options Vol
1,194
30D
Implied Move
±10.1%
IV Rank
31%
HSY Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 34.2% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.10x — IV premium over HV
Sector Relative≤50%
Sector percentile 55% — above sector median
Term Structure
<1.1xFront/Back 0.95x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 32.0% — normal range
Spread-Adjusted Value
<80%Effective IV 64.3% (ATM 32.0% + spread 16.1% + bias) — good value
Execution Efficiency
<3.0%Total drag 23.66% (spread 16.13% + slippage 7.53%) — high friction
Vega Efficiency
≥5.0Vega efficiency 16.18 (vega 26.096 / spread 16.13%) — efficient
Sentiment
Bullish or bearish?
4.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +11%, Raw: +2%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +11% (bullish) — Raw: +2%
OI Skew Magnitude
≥15%|OI skew| 11.8% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -18.3%, OI skew +11.8% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 9%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -14%, ATM: -20%, OTM: +10% — bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 83% — very bearish vs sector
Activity
Unusual activity?
3.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.9x avg — normal
Turnover Rate
≥15%Vol/OI 4.5% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +0.7% (5d) — stable
Sector Relative≥60%
Sector activity percentile 51% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 36% — patient
Flow Conviction
≥30Conviction +11 (bullish) — mixed
Liquidity
Can I trade efficiently?
2.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 16.1% — wide
Adequate OI
≥10,000OI 26,274 — adequate
Active Volume
≥500Volume 1,194/day — adequate
Reasonable Cost
≤$0.50$0.81 to cross — expensive
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 57% — neutral vs sector
Order Book Depth
≥100 contractsDepth 62.6 contracts (bid:37.1 ask:25.5) — thin
Execution Quality
<1.0%Avg slippage 7.53% — poor
Timing
Is now a good time?
6.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks4/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -4.8% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 34% — neutral
Event Detection
≥10pts kinkIV kink -2.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 264.13 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 13d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +11% @ 55% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.6
bullishIV cheap, mixed flow
Long Puts5.7
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.2
bullishIV too cheap, mixed flow
Covered Call4.3
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.