MRVL — Jun 150/180 / 200/230 iron condor
Marvell prints May 27 with the Jun chain implying a 21.9% move on a name whose recent earnings moves have averaged 10 to 15%. The 150/180 / 200/230 iron condor collects $19.03 against $30 wing width by selling 30-delta on both sides into elevated pre-earnings IV. Per the playbook earnings cycle, post-print ATM IV contracts roughly 44% on average; this structure harvests that crush plus the realized-versus-implied gap if MRVL settles between $161 and $219 at Jun expiry.
- Ticker: MRVL
- Direction: Neutral
- Risk profile: earnings
- Confidence: medium
- Catalyst: Q1 FY27 earnings (2026-05-27)
- Cohort: 2026-05-20
- Expires: 2026-05-27
- Max loss: $10.97
- Max gain: $19.03
Structure
- long put 150 2026-06-18
- short put 180 2026-06-18
- short call 200 2026-06-18
- long call 230 2026-06-18
Signals
- Implied move (Jun chain): 21.9% vs historical realized ~10-15% (chain)
- Earnings date: May 27 AMC (binary) (DB)
- Post-print IV crush: ~44% ATM IV contraction on average (tastytrade) (web_search)
- Pre-earnings ATM call OI: 5,613 (deep liquidity for IC management) (chain)
What invalidates this thesis
A directional gap above $219 or below $161 on the print breaches a short strike intraday and the iron condor takes max loss on that side; pin risk at Jun expiry also requires active management before Friday close.