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% | 14.92 | −20.9% |
| 16% | 16.35 | −13.3% |
| 25% | 16.99 | −9.9% |
| 50% (median) | 18.34 | −2.7% |
| 75% | 20.43 | +8.4% |
| 84% | 21.75 | +15.4% |
| 95% | 26.11 | +38.5% |
| Up 5% or more (19.79) | 31% |
|---|---|
| Up 10% or more (20.74) | 22% |
| Down 5% or more (17.91) | 43% |
| Down 10% or more (16.97) | 24% |
Options price a 10%+ drop at 24%, 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.