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%
3.23
−38.3%
16%
3.89
−25.6%
25%
4.35
−17.0%
50% (median)
5.12
−2.2%
75%
5.98
+14.3%
84%
6.52
+24.5%
95%
8.65
+65.2%
MOVE
Move Odds
Up 5% or more (5.50)
38%
Up 10% or more (5.76)
30%
Down 5% or more (4.97)
45%
Down 10% or more (4.71)
36%
Options price a 10%+ drop at 36%, 1.0× the 38% 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.