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%
1.68
−40.2%
16%
2.09
−25.4%
25%
2.32
−17.1%
50% (median)
2.71
−3.4%
75%
3.10
+10.5%
84%
3.33
+18.8%
95%
4.23
+50.9%
MOVE
Move Odds
Up 5% or more (2.95)
34%
Up 10% or more (3.09)
26%
Down 5% or more (2.66)
47%
Down 10% or more (2.52)
37%
Options price a 10%+ drop at 37%, 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.