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%
2.08
−35.1%
16%
2.53
−21.2%
25%
2.79
−13.1%
50% (median)
3.14
−2.2%
75%
3.50
+9.2%
84%
3.77
+17.3%
95%
5.47
+70.3%
MOVE
Move Odds
Up 5% or more (3.37)
33%
Up 10% or more (3.53)
24%
Down 5% or more (3.05)
43%
Down 10% or more (2.89)
31%
Options price a 10%+ drop at 31%, 0.9× the 34% 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.