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% | 214.88 | −27.9% |
| 16% | 255.51 | −14.3% |
| 25% | 269.67 | −9.5% |
| 50% (median) | 296.76 | −0.4% |
| 75% | 324.90 | +9.0% |
| 84% | 340.45 | +14.2% |
| 95% | 382.97 | +28.5% |
| Up 5% or more (312.89) | 35% |
|---|---|
| Up 10% or more (327.79) | 23% |
| Down 5% or more (283.09) | 36% |
| Down 10% or more (268.19) | 24% |
Options price a 10%+ drop at 24%, 0.9× the 26% 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.