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% | 29.67 | −36.4% |
| 16% | 36.43 | −21.9% |
| 25% | 39.43 | −15.4% |
| 50% (median) | 45.88 | −1.6% |
| 75% | 52.85 | +13.4% |
| 84% | 56.48 | +21.2% |
| 95% | 65.18 | +39.8% |
| Up 5% or more (48.95) | 38% |
|---|---|
| Up 10% or more (51.28) | 30% |
| Down 5% or more (44.28) | 44% |
| Down 10% or more (41.95) | 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.