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% | 28.94 | −22.6% |
| 16% | 32.90 | −12.0% |
| 25% | 34.47 | −7.8% |
| 50% (median) | 37.41 | +0.0% |
| 75% | 40.41 | +8.0% |
| 84% | 42.03 | +12.4% |
| 95% | 46.62 | +24.6% |
| Up 5% or more (39.27) | 33% |
|---|---|
| Up 10% or more (41.14) | 20% |
| Down 5% or more (35.53) | 33% |
| Down 10% or more (33.66) | 20% |
Options price a 10%+ drop at 20%, 1.0× the 21% 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.