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% | 19.44 | −28.6% |
| 16% | 22.73 | −16.5% |
| 25% | 23.96 | −12.0% |
| 50% (median) | 26.57 | −2.4% |
| 75% | 30.03 | +10.3% |
| 84% | 32.68 | +20.1% |
| 95% | 39.82 | +46.3% |
| Up 5% or more (28.58) | 33% |
|---|---|
| Up 10% or more (29.94) | 25% |
| Down 5% or more (25.86) | 43% |
| Down 10% or more (24.50) | 30% |
Options price a 10%+ drop at 30%, 1.0× the 31% 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.