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% | 31.23 | −22.9% |
| 16% | 34.81 | −14.1% |
| 25% | 37.34 | −7.8% |
| 50% (median) | 40.70 | +0.5% |
| 75% | 43.77 | +8.0% |
| 84% | 45.53 | +12.4% |
| 95% | 50.95 | +25.7% |
| Up 5% or more (42.55) | 34% |
|---|---|
| Up 10% or more (44.57) | 20% |
| Down 5% or more (38.49) | 32% |
| Down 10% or more (36.47) | 21% |
Options price a 10%+ drop at 21%, 1.1× the 20% 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.