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% | 17.99 | −23.6% |
| 16% | 20.10 | −14.6% |
| 25% | 21.20 | −10.0% |
| 50% (median) | 23.62 | +0.3% |
| 75% | 26.09 | +10.8% |
| 84% | 27.04 | +14.8% |
| 95% | 29.56 | +25.5% |
| Up 5% or more (24.73) | 38% |
|---|---|
| Up 10% or more (25.91) | 27% |
| Down 5% or more (22.37) | 37% |
| Down 10% or more (21.20) | 25% |
Options price a 10%+ drop at 25%, 0.9× the 28% 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.