MRVL Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

8 / 10

base 5; +2 for extreme net premium (+$81M) and P/C ratio (0.38); +1 for GEX/flow alignment; +0.5 for spot above max pain; -0.5 for high IV (58%) suggesting elevated risk

Watch next session: $105 Call OI and flow for April 2nd expiry; Any defensive put flow near $95-$100 to hedge recent gains

Flow Summary

Net premium: +$81.3M bullish

P/C volume ratio: 0.38 — extreme call-dominant

P/C OI ratio: 1.35 — put-leaning positioning

Aggressive, short-dated call buying is driving a massive net premium inflow, overwhelming a longer-term OI structure that is still put-heavy. This suggests a sharp, recent bullish positioning shift, likely chasing momentum above $100.

Notable Prints

MRVL 4/2 $105 Call

Vol: 25,048

OI: 2,620

Vol/OI: 9.6x

IV: 35.5%

Notional: ~$12.4M

Intent: Fresh, aggressive directional call buying

Dual read: Bought to open (bullish) or sold/covered (neutral-bearish)

Read-through: This is the single largest premium driver ($9.9M net). The 9.6x volume/OI ratio and low IV (35.5% vs. 58% avg) point to new long calls, betting on an immediate move above $105 in 2 days.

MRVL 4/2 $110 Call

Vol: 9,440

OI: 1,363

Vol/OI: 6.9x

IV: 46.7%

Notional: ~$10.7M

Intent: Fresh directional call buying (further OTM)

Dual read: Bought to open (bullish momentum) or sold (premium capture)

Read-through: Second-largest net premium contributor ($9.2M). High volume/OI and elevated but not extreme IV suggests new bullish bets, extending the momentum play beyond the $105 strike.

MRVL 4/24 $92 Put

Vol: 2,834

OI: 330

Vol/OI: 8.6x

IV: 62.3%

Notional: ~$260K

Intent: Hedge or speculative put purchase

Dual read: Bought for protection (bearish/defensive) or sold for income (bullish)

Read-through: Significant volume in a monthly put $7 below spot. The high IV (62.3%) and 8.6x volume/OI suggest buying, likely as a hedge against the aggressive call exposure or a bet on a pullback to the $92 max pain level.

MRVL 4/2 $115 Call

Vol: 3,106

OI: 439

Vol/OI: 7.1x

IV: 61.3%

Notional: ~$2.8M

Intent: Lottery-ticket call buying

Dual read: Bought (high-risk bullish) or sold (volatility sale)

Read-through: High IV (61.3%) and low absolute premium suggest this is a low-cost, high-risk bet on a major breakout. Consistent with a momentum-chasing regime but adds little gamma pressure.

MRVL 4/10 $100 Put

Vol: 1,340

OI: 153

Vol/OI: 8.8x

IV: 59.4%

Notional: ~$134K

Intent: Near-term hedge or speculative put

Dual read: Bought (defensive) or sold (income at a key level)

Read-through: Volume concentrated at-the-money for the 4/10 expiry. The high volume/OI and IV suggest buying activity, possibly as a short-term hedge for call positions or a bet on a rejection at the $100 psychological level.

Institutional Positioning

Call additions: Massive additions at $100, $105, $110 calls (Apr 2 expiry), with smaller flows to $115+.

Put additions: Minor defensive flows at $92-$100 puts (Apr 10/24), overshadowed by call buying.

GEX/DEX consistency: Yes — Positive GEX (+$25.9M) aligns with bullish call flow, reinforcing a pinning/mean-reverting regime near current spot.

OI clusters: Major PUT wall at $75 (25.5K OI). Major CALL walls at $100 (12.8K OI) and $105 (10.9K OI). Spot is between the $100 call and $75 put clusters.

Hedging evidence: Limited. The put flow at $92 and $100 is small in notional value compared to the call buying, suggesting hedges are light relative to directional exposure.

Max pain context: Spot ($99.05) is 7.7% above nearest max pain ($92). The falling MP trend ($92→$80) and spot above it indicate bullish pressure overcoming typical pinning forces.

Signal vs Noise

~High volume in $75 calls (net $5.6M premium) is likely noise—this is a deep ITM call ($24 intrinsic) and flow is often associated with financing/equity-linked transactions, not directional bets.

~The $60 call flow is also deep ITM and not a relevant directional signal.

~Some of the near-dated (4/2) OTM call volume could be part of multi-leg spreads (e.g., call diagonals) not visible in single-print data, but the sheer net premium argues for dominant directional bias.

Key Conclusions

🚀Extreme, short-dated call buying driving +$81M net premium. This is a high-conviction, momentum-chasing signal.

⚖️Flow (bullish) conflicts with OI (put-heavy). New money is aggressively betting against longer-term cautious positioning.

📍Positive GEX and spot above max pain support a near-term pinning/grind higher, with $100-$105 as a key battleground.

⚠️High IV (58%) and lottery-ticket buying in $115+ calls indicate frothy, high-risk sentiment. A failure at $105 could trigger rapid unwinding.

Read the Flow analysis for MRVL for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.