# Is this the right formula to use implied volatility to gauge probability of a stock being within a certain range? [duplicate]

I read online somewhere, and I can't find it now, that to find the probability of a stock hitting a certain price within a certain time frame, we can use Implied Volatility:

X = StockPrice * IV * SQRT(DaysTillExpire / 365)


X would then be 1 standard deviation (or a +/- 34% probability)

So first, is this accurate and second, how does this work?