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% | 13.45 | −36.5% |
| 16% | 17.49 | −17.4% |
| 25% | 18.53 | −12.5% |
| 50% (median) | 20.38 | −3.7% |
| 75% | 22.49 | +6.3% |
| 84% | 24.11 | +13.9% |
| 95% | 27.35 | +29.2% |
| Up 5% or more (22.23) | 27% |
|---|---|
| Up 10% or more (23.29) | 19% |
| Down 5% or more (20.11) | 46% |
| Down 10% or more (19.05) | 31% |
Options price a 10%+ drop at 31%, 1.0× the 32% 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.