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% | 9.70 | −27.9% |
| 16% | 11.31 | −15.9% |
| 25% | 11.97 | −11.0% |
| 50% (median) | 13.31 | −1.0% |
| 75% | 14.76 | +9.7% |
| 84% | 15.56 | +15.7% |
| 95% | 17.80 | +32.4% |
| Up 5% or more (14.12) | 35% |
|---|---|
| Up 10% or more (14.80) | 25% |
| Down 5% or more (12.78) | 39% |
| Down 10% or more (12.11) | 27% |
Options price a 10%+ drop at 27%, 0.9× the 29% 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.