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% | 6.84 | −26.4% |
| 16% | 7.73 | −16.8% |
| 25% | 8.18 | −11.9% |
| 50% (median) | 9.07 | −2.4% |
| 75% | 9.99 | +7.6% |
| 84% | 10.49 | +12.9% |
| 95% | 11.77 | +26.7% |
| Up 5% or more (9.75) | 31% |
|---|---|
| Up 10% or more (10.22) | 20% |
| Down 5% or more (8.83) | 43% |
| Down 10% or more (8.36) | 29% |
Options price a 10%+ drop at 29%, 1.0× the 30% 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.