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% | 14.81 | −33.3% |
| 16% | 17.09 | −23.0% |
| 25% | 18.38 | −17.2% |
| 50% (median) | 21.48 | −3.2% |
| 75% | 25.21 | +13.6% |
| 84% | 27.26 | +22.9% |
| 95% | 32.25 | +45.4% |
| Up 5% or more (23.29) | 37% |
|---|---|
| Up 10% or more (24.40) | 29% |
| Down 5% or more (21.08) | 47% |
| Down 10% or more (19.97) | 38% |
Options price a 10%+ drop at 38%, 1.0× the 38% 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.