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% | 21.12 | −21.0% |
| 16% | 23.67 | −11.5% |
| 25% | 24.93 | −6.7% |
| 50% (median) | 26.63 | −0.4% |
| 75% | 28.25 | +5.7% |
| 84% | 29.28 | +9.5% |
| 95% | 34.09 | +27.5% |
| Up 5% or more (28.07) | 27% |
|---|---|
| Up 10% or more (29.40) | 15% |
| Down 5% or more (25.39) | 30% |
| Down 10% or more (24.06) | 18% |
Options price a 10%+ drop at 18%, 1.2× the 15% 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.