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% | 14.86 | −32.2% |
| 16% | 17.46 | −20.4% |
| 25% | 18.58 | −15.3% |
| 50% (median) | 21.02 | −4.2% |
| 75% | 23.82 | +8.6% |
| 84% | 25.43 | +15.9% |
| 95% | 30.24 | +37.8% |
| Up 5% or more (23.04) | 31% |
|---|---|
| Up 10% or more (24.13) | 23% |
| Down 5% or more (20.84) | 48% |
| Down 10% or more (19.75) | 36% |
Options price a 10%+ drop at 36%, 1.0× the 37% 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.