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% | 7.67 | −35.8% |
| 16% | 9.31 | −22.1% |
| 25% | 10.09 | −15.5% |
| 50% (median) | 11.80 | −1.2% |
| 75% | 13.74 | +15.1% |
| 84% | 14.81 | +24.1% |
| 95% | 17.56 | +47.1% |
| Up 5% or more (12.54) | 39% |
|---|---|
| Up 10% or more (13.13) | 32% |
| Down 5% or more (11.34) | 43% |
| Down 10% or more (10.75) | 34% |
Options price a 10%+ drop at 34%, 1.0× the 35% 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.