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.
TGT
Target Price
PCTL
Percentiles
Chance below
Price
vs spot
5%
4.17
−43.8%
16%
5.42
−27.0%
25%
6.13
−17.6%
50% (median)
7.28
−2.0%
75%
8.41
+13.1%
84%
9.02
+21.4%
95%
10.88
+46.4%
MOVE
Move Odds
Up 5% or more (7.80)
37%
Up 10% or more (8.17)
29%
Down 5% or more (7.06)
44%
Down 10% or more (6.69)
36%
Options price a 10%+ drop at 36%, 0.9× the 38% 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.