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%
32.15
−31.4%
16%
38.69
−17.4%
25%
41.24
−12.0%
50% (median)
46.36
−1.0%
75%
51.98
+10.9%
84%
55.24
+17.9%
95%
65.98
+40.8%
MOVE
Move Odds
Up 5% or more (49.19)
36%
Up 10% or more (51.54)
27%
Down 5% or more (44.51)
40%
Down 10% or more (42.17)
29%
Options price a 10%+ drop at 29%, 0.9× the 33% 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.