Let $f\in\mathbb{R}[\mathbf{z}]$$P\in\mathbb{R}[\mathbf{z}]$ be an homogeneous $n$-variable polynomial of degree $r$ with real coefficients. Then the number of hyperbolicity cones of $f$$P$ is at most $$\mathcal{H}(n,r)=\begin{cases} 2^r & \text{for }r\leq n\ ,\\ 2\sum^{n-1}_{k=0}\binom{r-1}{k} & \text{for }r>n\ .\end{cases}$$ The maximum is attained if and only if $f$$P$ is a product of linear polynomials.
Notice thatTo get a feeling for the saturation of the above bound occurs precisely as conjectured for, we point out that $\mathcal{H}(n,r)$ is exactly the number of connected components of the complement of ana central arrangement of $r$ hyperplanes of $\mathbb{R}^n$ in general position (see Boris Bukh's comment below). A connection between both numbers is reached through the reasoning discussed in Aaron's comment to his answer: let $$f(n,r)=\begin{cases}2^r &\text{for }r\leq n\ ,\\ \sum^{n}_{k=0}\binom{r}{k} &\text{for }r>n\ .\end{cases}$$ be the latter number, sohere "central" means that we clearly have $$\mathcal{H}(n,r)=\begin{cases} f(n,r) & \text{for }r\leq n\ ,\\ 2f(n-1,r-1) &\text{for }r>n\ .\end{cases}$$ Let us consider from now on the case $r>n$ - adding an $(r+1)$-th hyperplane $E$all hyperplanes in general position to the arrangement causes the intersection ofcontain the arrangement with $E$ to be an arrangement of $r$ hyperplanes in $\mathbb{R}^{n-1}$ in general position, whose complement hasorigin) $f(n-1,r)$ connected components, each cutting a connected component of- the previous arrangement in half and thus addingcentrality comes from the fact that we are requiring here that $$f(n-1,r)=f(n,r+1)-f(n,r)$$ connected components$P$ is homogeneous. This formula entails $$\begin{split} f(n,r)-f(n-1,r-1) &=f(n,r)-f(n-1,r)+f(n-1,r)-f(n-1,r-1) \\ &=f(n-1,r-1)+\binom{r}{n}-\binom{r-1}{n-1}\end{split}$$ and hence $$\begin{split} f(n,r) &=\mathcal{H}(n,r)+\binom{r}{n}-\binom{r-1}{n-1} \\ &=\mathcal{H}(n,r)+\binom{r-1}{n-1}\frac{r-n}{n}\ .\end{split}$$ Particularly, this entailsNotice that not all connected components of the complementsaturation of the zero level set of a product of $r$ linear polynomialsbound occurs precisely as conjectured in $\mathbb{R}^n$ are hyperbolicity cones if $r>n$, contrary to what happens forBoris Bukh's comment below $r\leq n$(in the homogeneous case). This was already to be expected since
Of course, as I discussedthe conjecture of whether the above, hyperbolicity cones always come in pairs and $f(r,n)$ can clearly fail to be even for $r>n$. This bound also entails thatapplies to the total number of connected components of the complement of the zero set of an (homogeneous) hyperbolichomogeneous polynomial may be convex cones without being hyperbolicity cones$P$ remains.
Of course If so, the bound $\mathcal{H}(n,r)$ is far tighter than the Milnor-Thom bound, but too tight for being the desired answer will also be sharp.