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Options Indicators

Marvell Technology ended the latest session at USD 218.59, up 12.81%. The surge was accompanied by heavy options activity, headlined by a $4.03 million bullish call combination and a $2.16 million outright call purchase, signaling conviction for further upside even with elevated volatility.

MRVL’s implied volatility is 103.27%, and with an IV percentile of 93.63%, current volatility sits in a clearly elevated regime, indicating that options are priced expensively relative to their own historical range. The IV/HV ratio of 1.16 further suggests implied volatility is running above realized volatility, reinforcing the view that the options market is embedding a sizable premium for near-term uncertainty. In this setup, outright option purchases face a relatively high premium burden, while premium-selling approaches or defined-risk spreads may offer a more efficient way to express a view. The Call/Put volume ratio is 2.33.

Large Trades

A three-leg call combination with a total traded amount of $4.03 million was the largest complex trade of the day, built with long 1,980 Aug. 21, 2026 $240 calls, short 1,386 Aug. 21, 2026 $250 calls, and short 1,386 Aug. 21, 2026 $270 calls. All three strikes were out of the money versus the $218.59 stock reference. Based on the leg premiums provided, this structure brought in a net premium of negative $0.37 million, meaning it was established for a net debit. Strategically, this is a bullish call structure designed to gain directional upside exposure over the longer term while partially offsetting the cost of the long $240 calls by selling higher-strike calls, which caps part of the upside in exchange for lower entry cost than a simple outright call purchase.

A CALL buy worth $2.16 million also stood out, with 3,000 Aug. 21, 2026 $250 calls purchased outright. This was a single-leg bullish trade placed at an out-of-the-money strike, indicating the buyer is looking for a substantial upside move in MRVL over the next year. Because the position was opened through outright call buying rather than a spread, it reflects cleaner directional conviction and a willingness to pay premium for uncapped upside above the $250 strike by expiration.

Overall, the large-trade flow leans bullish. The sentiment summary shows bullish premium outweighing bearish premium, and the most prominent activity was concentrated in longer-dated out-of-the-money call exposure, including both a structured upside call combination and a sizable outright call purchase. While there were some bearish call sales in the broader large-trade tape, the dominant pattern suggests traders are positioning for upside in MRVL rather than preparing for sustained weakness.

Strategy Reference

Given the elevated IV percentile, selling a cash-secured put at the $150 strike for the same long-dated cycle could offer a high probability of expiring out of the money while collecting rich premium.