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% | 209.75 | −26.0% |
| 16% | 240.32 | −15.2% |
| 25% | 262.33 | −7.4% |
| 50% (median) | 287.11 | +1.3% |
| 75% | 304.18 | +7.4% |
| 84% | 311.45 | +9.9% |
| 95% | 326.54 | +15.2% |
| Up 5% or more (297.51) | 35% |
|---|---|
| Up 10% or more (311.67) | 16% |
| Down 5% or more (269.17) | 30% |
| Down 10% or more (255.01) | 21% |
Options price a 10%+ drop at 21%, 1.4× the 15% 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.