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% | 323.09 | −17.0% |
| 16% | 349.84 | −10.1% |
| 25% | 363.44 | −6.6% |
| 50% (median) | 389.29 | −0.0% |
| 75% | 414.74 | +6.5% |
| 84% | 428.94 | +10.2% |
| 95% | 458.20 | +17.7% |
| Up 5% or more (408.76) | 30% |
|---|---|
| Up 10% or more (428.22) | 16% |
| Down 5% or more (369.83) | 30% |
| Down 10% or more (350.37) | 16% |
Options price a 10%+ drop at 16%, 1.0× the 16% 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.