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% | 15.92 | −16.6% |
| 16% | 17.45 | −8.5% |
| 25% | 18.15 | −4.9% |
| 50% (median) | 19.21 | +0.7% |
| 75% | 20.31 | +6.4% |
| 84% | 21.04 | +10.3% |
| 95% | 23.55 | +23.4% |
| Up 5% or more (20.03) | 30% |
|---|---|
| Up 10% or more (20.99) | 17% |
| Down 5% or more (18.13) | 25% |
| Down 10% or more (17.17) | 14% |
Options price a 10%+ drop at 14%, 1.3× the 11% 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.