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.
TGT
Target Price
PCTL
Percentiles
Chance below
Price
vs spot
5%
12.14
−41.9%
16%
15.25
−27.1%
25%
16.96
−18.9%
50% (median)
20.47
−2.1%
75%
24.41
+16.8%
84%
26.68
+27.6%
95%
33.52
+60.3%
MOVE
Move Odds
Up 5% or more (21.95)
39%
Up 10% or more (23.00)
33%
Down 5% or more (19.86)
45%
Down 10% or more (18.81)
38%
Options price a 10%+ drop at 38%, 1.0× the 39% 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.