# MF005 — The normal curve behind Black–Scholes

Understand density versus cumulative area, z-scores, symmetry and quantiles before reading the normal-distribution terms in Black–Scholes.

Join Zon and Coach to predict, move a control, read the formula aloud and explain what changed.

Model exercise probabilities and share-weighted delta answer different questions; neither is a real-world forecast of trading profit.

Canonical page: https://21ifm.com/quant/mathematics/normal-black-scholes

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