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% | 3.70 | −48.7% |
| 16% | 4.84 | −32.9% |
| 25% | 5.69 | −21.1% |
| 50% (median) | 6.88 | −4.6% |
| 75% | 7.99 | +10.8% |
| 84% | 8.76 | +21.5% |
| 95% | 14.28 | +98.0% |
| Up 5% or more (7.57) | 33% |
|---|---|
| Up 10% or more (7.93) | 26% |
| Down 5% or more (6.85) | 49% |
| Down 10% or more (6.49) | 40% |
Options price a 10%+ drop at 40%, 0.9× the 45% 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.