MRVL IV looks interesting around these levels

Hey everyone,

Been keeping an eye on $MRVL today, and with it currently around $234.33 after that strong move, the implied volatility is starting to look pretty rich. We're seeing it bump up against what looks like some prior resistance from a few weeks back, and while the momentum is clearly there, I'm thinking about the downside protection or a vol play. The daily high so far was $240.18, so we're a bit off that now. I'm wondering if a collar strategy might be decent here – selling some OTM calls to finance some OTM puts for protection.

The risk, of course, is if this move has legs and we blow through this resistance zone with conviction. If we see a sustained push above, say, $242-$245, then that IV might just continue to expand, making the short call side of a collar a bit painful. Conversely, if it stalls here and starts to retrace, that put protection could come in handy. Just kicking some ideas around, curious if anyone else is watching $MRVL for similar reasons.