MRVL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $213.5.

Put/Call (OI)

1.10

873k P / 791k C

Put/Call (Volume)

0.70

56k P / 80k C today

30d ATM IV

78%

annualized implied move

Call wall

$250

55k contracts

Put wall

$150

44k contracts

Tail hedging

1.5×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.10 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $250 (55k contracts), 17% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $150 (44k contracts), 30% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 78% — the market prices very large moves; option premium is expensive.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	193k	133k	0.69	52k
2026-08-28	35k	24k	0.67	18k
2026-09-04	17k	14k	0.86	6k
2026-09-11	5k	5k	1.10	3k
2026-09-18	135k	182k	1.35	16k
2026-09-25	3k	3k	1.09	2k
2026-10-02	637	329	0.52	839
2026-10-16	40k	63k	1.58	7k
2026-11-20	53k	54k	1.02	6k
2026-12-18	64k	86k	1.34	8k
2027-01-15	91k	143k	1.57	3k
2027-02-19	6k	8k	1.42	3k
2027-03-19	26k	45k	1.71	3k
2027-06-17	39k	51k	1.33	4k
2027-09-17	7k	7k	0.93	1k
2027-12-17	16k	10k	0.60	189
2028-01-21	35k	29k	0.82	671
2028-03-17	2k	1k	0.51	88
2028-06-16	23k	14k	0.63	2k

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.