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% | 592.67 | −20.2% |
| 16% | 650.79 | −12.4% |
| 25% | 678.68 | −8.7% |
| 50% (median) | 738.58 | −0.6% |
| 75% | 803.83 | +8.2% |
| 84% | 838.27 | +12.8% |
| 95% | 920.33 | +23.9% |
| Up 5% or more (780.11) | 33% |
|---|---|
| Up 10% or more (817.26) | 21% |
| Down 5% or more (705.81) | 36% |
| Down 10% or more (668.66) | 21% |
Options price a 10%+ drop at 21%, 1.0× the 22% 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.