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% | 153.92 | −17.5% |
| 16% | 170.82 | −8.5% |
| 25% | 176.51 | −5.4% |
| 50% (median) | 187.05 | +0.2% |
| 75% | 197.47 | +5.8% |
| 84% | 202.99 | +8.7% |
| 95% | 217.74 | +16.7% |
| Up 5% or more (195.99) | 28% |
|---|---|
| Up 10% or more (205.33) | 13% |
| Down 5% or more (177.33) | 27% |
| Down 10% or more (167.99) | 13% |
Options price a 10%+ drop at 13%, 1.0× the 12% 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.