My MRVL stock is a poor mans covered call. The underlying price is around 80. look at the image. Do we need to do anything with the short call at this time?

Got it — looking at the MRVL PMCC specifically.

Short answer:
👉 No, you don’t need to do anything with the short call right now. This is behaving exactly how you want a PMCC to behave at this stage.

Let me walk through why.

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What the image is telling us (key points)

🔹 Underlying (MRVL)

• Stock price ≈ $80
• Trend: strong move up recently

🔹 Short Call (Mar 20, 90C – ~42 DTE)

• Strike: 90
• Stock is ~$10 below the short strike
• Still OTM
• Time remaining: plenty (42 days)
• Loss showing on the short call = normal during a bullish move

This is not a problem — it’s expected.

🔹 Long Call (LEAP Jan 2027 50C)

• Deep ITM
• Large positive delta
• Gains on the LEAP are more than offsetting the short call loss
• Net position P/L is strongly positive

This confirms the structure is working.

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PMCC management rules applied here

✅ No roll needed because:

• Short call is OTM
• No assignment risk
• Delta on the short call is still reasonable
• You’re not near max profit for the cycle yet
• Time decay hasn’t fully worked in your favor

🚫 Do NOT roll just because:

• The stock moved up
• The short call shows a red number
• You feel “behind” on the call

Rolling now would:

• Lock in unnecessary loss
• Give up remaining theta
• Reduce overall expectancy

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When WOULD you take action?

You’d start paying attention if one or more of these happen:

• MRVL approaches $87–88 (≈ 1–2 weeks from expiration risk zone)
• Short call delta pushes 0.35–0.40+
• MRVL breaks and holds above 90
• Short call has < 21 DTE and is threatened

None of that is happening yet.

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Bottom line

🟢 Do nothing
🟢 Let theta work
🟢 Reassess closer to 30 → 21 DTE or if MRVL accelerates toward 90