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% | 52.50 | −29.7% |
| 16% | 61.94 | −17.1% |
| 25% | 65.92 | −11.8% |
| 50% (median) | 74.14 | −0.7% |
| 75% | 83.36 | +11.6% |
| 84% | 88.70 | +18.7% |
| 95% | 105.19 | +40.8% |
| Up 5% or more (78.44) | 37% |
|---|---|
| Up 10% or more (82.17) | 28% |
| Down 5% or more (70.97) | 40% |
| Down 10% or more (67.23) | 29% |
Options price a 10%+ drop at 29%, 0.9× the 31% 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.