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.
TGT
Target Price
PCTL
Percentiles
Chance below
Price
vs spot
5%
12.87
−33.8%
16%
14.97
−23.0%
25%
16.13
−17.1%
50% (median)
18.69
−3.9%
75%
21.51
+10.6%
84%
23.34
+20.0%
95%
32.22
+65.7%
MOVE
Move Odds
Up 5% or more (20.42)
33%
Up 10% or more (21.40)
26%
Down 5% or more (18.48)
48%
Down 10% or more (17.51)
37%
Options price a 10%+ drop at 37%, 0.9× the 39% 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.