Shaded band: the middle 68% of outcomes. Where the blue curve sits above the dashed one, options price that move as likelier than a plain bell curve would.
| Chance below | Price | vs spot |
|---|---|---|
| 5% | 214.45 | −21.7% |
| 16% | 243.81 | −11.0% |
| 25% | 258.04 | −5.8% |
| 50% (median) | 280.62 | +2.5% |
| 75% | 295.37 | +7.9% |
| 84% | 299.70 | +9.5% |
| 95% | 306.81 | +12.1% |
| Up 5% or more (287.50) | 39% |
|---|---|
| Up 10% or more (301.19) | 8.4% |
| Down 5% or more (260.12) | 27% |
| Down 10% or more (246.43) | 17% |
Options price a 10%+ drop at 17%, 1.3× the 14% a bell curve with the same volatility gives.
Risk-neutral odds from option prices, the bot's lgf odds method: out-of-the-money mids → implied vols → a smoothed smile in total variance → density = erT·∂²C/∂K² (Breeden–Litzenberger). Risk-neutral odds include the market's risk premium, so they lean bearish compared with real-world odds. Not investment advice.