This question already has an answer here:
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?