Net gamma exposure by strike ($M per 1% move) · estimated from the MRVL options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in MRVL right now. The heaviest is 250 at +39.5M per 1% move, 2.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 260 | +12.2M | 6.3% | pins price |
| 255 | +6M | 4.3% | pins price |
| 250 | +39.5M | 2.2% | pins price |
| 245 | +15.2M | 0.2% | pins price |
| 242.5 | +12M | -0.8% | pins price |
| 240 | +39.5M | -1.8% | pins price |
As of the latest session, MRVL is trading at $244.52 (+0.93% on the day). Net dealer gamma is positive, with the zero-gamma flip near 238.27. The call wall sits at 250 (upside magnet / resistance) and the put wall at 230 (downside level). Max pain is 230, and the options market is pricing a 1-sigma expected move of about ±2.1% (ATM IV 56%).
MRVL holds a working cushion above its flip. Spot 244.52 sits +2.56% clear of 238.27, roughly 1.2× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided MRVL was cheap.
The book leans mildly upward: +$95M of positive gamma above spot versus +$52M below, a 1.8-to-1 tilt. Enough to bias drift toward 250, not enough to call it a magnet.
One strike dominates the map: 240, carrying +$40M per 1% move — below the current price. Positive gamma that size behaves like a wall: rallies into it get sold by hedging flow, and dips toward it get bought.
The options market is pricing a 1-sigma move of ±2.1% (±$5.08) into the nearest expiry, with ATM implied volatility at 56% — neither stretched nor giving anything away.
That leaves a working band of 230 to 250 — 8.2% of spot, with +2.24% of room to the call wall and −5.94% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
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MRVL is in positive gamma with +2.56% of room above the 238.27 flip (about 1.2× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +2.56%, which is roughly 1.2× the ±2.1% the options are pricing for one session. Under 1× means the flip is reachable in a normal day; over 2× means the regime is unlikely to change without a catalyst. We track this across every major index on the free regime dashboard.
MRVL's flip is 238.27, with spot at $244.52. The level MRVL would have to lose is 238.27, about 1.2× the ±2.1% one session is priced for.
MRVL's call wall (250) is a magnet and resistance; the put wall (230) is support in positive gamma but a through-level once price is below the flip.
230, for the 2026-09-18 expiry — expiring today. Spot is $244.52, so max pain sits 5.9% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +134M per 1% move into the 2026-09-18 expiry — and with spot above the zero-gamma flip, dealer hedging works against the move and damps realised volatility. GEX describes the character of the tape, not the direction. How dealer gamma works →
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Estimated from the MRVL options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
