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% | 9.73 | −26.1% |
| 16% | 11.22 | −14.8% |
| 25% | 11.81 | −10.2% |
| 50% (median) | 12.98 | −1.3% |
| 75% | 14.22 | +8.1% |
| 84% | 14.91 | +13.3% |
| 95% | 16.58 | +26.0% |
| Up 5% or more (13.82) | 32% |
|---|---|
| Up 10% or more (14.48) | 21% |
| Down 5% or more (12.50) | 39% |
| Down 10% or more (11.84) | 26% |
Options price a 10%+ drop at 26%, 0.9× the 27% 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.