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% | 55.06 | −34.7% |
| 16% | 68.93 | −18.2% |
| 25% | 75.80 | −10.1% |
| 50% (median) | 86.75 | +2.9% |
| 75% | 94.50 | +12.1% |
| 84% | 97.33 | +15.5% |
| 95% | 100.19 | +18.9% |
| Up 5% or more (88.48) | 45% |
|---|---|
| Up 10% or more (92.70) | 31% |
| Down 5% or more (80.06) | 33% |
| Down 10% or more (75.84) | 25% |
Options price a 10%+ drop at 25%, 1.0× the 25% 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.