Option Greeks measure how an option's price responds to changes in the stock price (delta and gamma), time (theta), implied volatility (vega), and interest rates (rho).

Gamma, theta, and vega are largest for strikes near the Hershey stock price and shrink for strikes far above or below it. Theta grows as expiration gets closer, while vega is larger for expirations further out. Call delta runs from 0 to 1 and put delta from -1 to 0, near 0.50 and -0.50 at the money, and roughly estimates the chance that an option finishes in the money.

Hershey IV rank is 37, so implied volatility is in the lower part of its one-year range. Higher implied volatility raises option premiums and daily time decay (theta), and spreads delta and gamma across a wider range of strikes. Over the past year, 30-day implied volatility ranged from 19.2% to 37.1%. See the HSY implied volatility history for a longer view.

Across all open Hershey options on Nov 4, 2026, net gamma exposure was $3.02M and net delta exposure was $42.6M per 1% move in the stock. The HSY gamma exposure chart shows where that gamma sits by strike.

Hershey is a leading US confectionery manufacturer (in a $55 billion market, according to Euromonitor), controlling more than 35% of the domestic chocolate aisle.