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% | 19.64 | −33.9% |
| 16% | 22.73 | −23.5% |
| 25% | 24.42 | −17.8% |
| 50% (median) | 28.53 | −4.0% |
| 75% | 33.77 | +13.7% |
| 84% | 36.92 | +24.3% |
| 95% | 44.86 | +51.0% |
| Up 5% or more (31.20) | 36% |
|---|---|
| Up 10% or more (32.68) | 29% |
| Down 5% or more (28.22) | 48% |
| Down 10% or more (26.74) | 39% |
Options price a 10%+ drop at 39%, 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.