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% | 132.51 | −31.8% |
| 16% | 160.17 | −17.5% |
| 25% | 171.41 | −11.8% |
| 50% (median) | 193.72 | −0.3% |
| 75% | 216.18 | +11.3% |
| 84% | 227.48 | +17.1% |
| 95% | 253.32 | +30.4% |
| Up 5% or more (203.95) | 38% |
|---|---|
| Up 10% or more (213.66) | 27% |
| Down 5% or more (184.53) | 39% |
| Down 10% or more (174.82) | 28% |
Options price a 10%+ drop at 28%, 1.0× the 29% 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.