What is the CHDN 30-day expected price range?

As of Jul 14, 2026, with CHDN at $83.38 and ATM IV at 178.9%, the implied 30-day one-standard-deviation range is approximately ±$42.76, or about $40.62 to $126.14. IV rank is elevated, so the priced distribution is wider than the 1-year typical width.

What does CHDN risk-neutral density tell us?

Risk-neutral density is the probability distribution of future CHDN price implied by listed option prices. Extracted via Breeden-Litzenberger (twice-differentiating the call price function with respect to strike), it represents the pricing kernel rather than the real-world probability of outcomes. Persistent skew or fat-tail features in the density reflect how the market is pricing tail risk.

How does CHDN ATM IV translate to a probability range?

ATM IV is annualized; multiplying by sqrt(t/365) scales it to the chosen tenor. Under lognormal assumptions, the resulting standard deviation defines the ±1σ band that contains roughly 68% of outcomes, ±2σ for 95%. Empirical equity returns have fatter tails than log-normal, so the implied tail probabilities under-state realized tail frequency in stressed regimes.

Churchill Downs Incorporated (CHDN) Probability Analysis

Probability analysis extracts the risk-neutral probability distribution implied by option prices. It shows the market-implied likelihood of the underlying reaching various price levels by expiration.

Churchill Downs Incorporated (CHDN) operates in the Consumer Cyclical sector, specifically the Gambling, Resorts & Casinos industry, with a market capitalization near $5.90B, listed on NASDAQ, employing roughly 9,000 people, carrying a beta of 0.67 to the broader market. Churchill Downs Incorporated (CDI) is a leading U. Led by William C. Carstanjen, public since 1993-03-29.

Snapshot as of Jul 14, 2026.

Spot Price: $83.38
ATM IV: 178.9%
IV Rank: 100.0%
IV Percentile: 100.0%
HV 20-Day: 42.4%
IV Skew 25Δ: 0.010

As of Jul 14, 2026, Churchill Downs Incorporated (CHDN) at $83.38 has an ATM IV of 178.9%, implying a 30-day one-standard-deviation range of approximately ±$42.76. IV rank is 100.0% (elevated, distribution priced wider than typical). IV percentile is 100.0%. The 25-delta skew is +0.010: roughly symmetric wings. Under lognormal assumptions roughly 68% of outcomes fall within ±1σ and 95% within ±2σ; risk-neutral probability analysis refines this by extracting the market-implied distribution directly from options prices, capturing the fat tails that real markets exhibit.

How CHDN probability analysis Data Feeds Strategy Selection

Strategy selection on Churchill Downs Incorporated options does not derive from any single metric in isolation. The probability analysis view above sits inside a broader read: ATM IV currently sits at 178.9% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. Combine the probability analysis data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.

How to read the CHDN probability distribution

The probability cone above is the option-market-implied distribution of where Churchill Downs Incorporated spot could end up at expiration. It's derived from the implied-volatility surface via a risk-neutral pricing transformation, not from historical realized returns. With ATM IV at 178.9% and spot at $83.38, the 1σ band is approximately ±61.7% over a 30-day horizon. Recent realized HV-20 of 42.4% runs 136.5 vol points below the current implied, suggesting the chain is pricing more dispersion than the underlying has been delivering.

CHDN risk-neutral vs real-world probabilities

The probabilities derived from option prices reflect the market's risk-adjusted view, not the realized statistical distribution. Risk-neutral probabilities include the equity risk premium and skew preferences priced into options, so they tend to overstate tail probability and understate upside drift relative to actually-realized outcomes. For probability-of-touch calculations and assignment-risk modeling, risk-neutral is the right benchmark. For position-sizing your own conviction, blend with realized-volatility-based statistics from the HV columns.

Trading the CHDN distribution

Probability-driven strategies aim to capture mispricings between the implied distribution and your own probability assessment. Premium-selling structures (credit spreads, iron condors, cash-secured puts) profit when the implied distribution overprices tail probability relative to realized; premium-buying (debit spreads, long calls/puts, long straddles) profits in the reverse. With CHDN IV rank at 100.0%, the chain is pricing fatter tails than recent realized history; sellers earn the gap on average. Always pair probability-driven strategy selection with a stop loss or wing-defined risk - the implied distribution is a snapshot, and regime shifts can invalidate it intraday.

Learn how risk-neutral density is reported and how to read the data →

CHDN highest implied-volatility contracts

Type	Strike	Expiration	Volume	OI	IV	Bid	Ask
PUT	$75.00	Sep 18, 2026	0	30.5K	44.2%	$1.55	$2.40
PUT	$75.00	Sep 18, 2026	0	30.5K	44.2%	$1.55	$2.40

Top 2 contracts from the institutional-grade nightly options scan; ranked by iv within the broader S&P 500/400/600 + ETF universe.

Frequently asked CHDN probability analysis questions

What is the CHDN 30-day expected price range?: As of Jul 14, 2026, with CHDN at $83.38 and ATM IV at 178.9%, the implied 30-day one-standard-deviation range is approximately ±$42.76, or about $40.62 to $126.14. IV rank is elevated, so the priced distribution is wider than the 1-year typical width.
What does CHDN risk-neutral density tell us?: Risk-neutral density is the probability distribution of future CHDN price implied by listed option prices. Extracted via Breeden-Litzenberger (twice-differentiating the call price function with respect to strike), it represents the pricing kernel rather than the real-world probability of outcomes. Persistent skew or fat-tail features in the density reflect how the market is pricing tail risk.
How does CHDN ATM IV translate to a probability range?: ATM IV is annualized; multiplying by sqrt(t/365) scales it to the chosen tenor. Under lognormal assumptions, the resulting standard deviation defines the ±1σ band that contains roughly 68% of outcomes, ±2σ for 95%. Empirical equity returns have fatter tails than log-normal, so the implied tail probabilities under-state realized tail frequency in stressed regimes.