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% | 30.61 | −35.0% |
| 16% | 36.04 | −23.5% |
| 25% | 39.06 | −17.1% |
| 50% (median) | 46.14 | −2.0% |
| 75% | 54.27 | +15.2% |
| 84% | 58.93 | +25.1% |
| 95% | 71.53 | +51.9% |
| Up 5% or more (49.46) | 38% |
|---|---|
| Up 10% or more (51.81) | 31% |
| Down 5% or more (44.75) | 45% |
| Down 10% or more (42.39) | 36% |
Options price a 10%+ drop at 36%, 1.0× the 37% 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.