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% | 135.27 | −22.5% |
| 16% | 150.64 | −13.6% |
| 25% | 157.87 | −9.5% |
| 50% (median) | 173.35 | −0.6% |
| 75% | 190.41 | +9.2% |
| 84% | 199.65 | +14.5% |
| 95% | 223.44 | +28.1% |
| Up 5% or more (183.15) | 34% |
|---|---|
| Up 10% or more (191.87) | 23% |
| Down 5% or more (165.71) | 37% |
| Down 10% or more (156.99) | 24% |
Options price a 10%+ drop at 24%, 0.9× the 26% 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.