Nearly tight universal bounds for the binomial tail probabilities

Abstract: We derive simple but nearly tight upper and lower bounds for the binomial lower tail probability (with straightforward generalization to the upper tail probability) that apply to the whole parameter regime. These bounds are easy to compute and are tight within a constant factor of $89/44$. Moreover, they are asymptotically tight in the regimes of large deviation and moderate deviation. By virtue of a surprising connection with Ramanujan's equation, we also provide strong evidences suggesting that the lower bound is tight within a factor of $1.26434$. It may even be regarded as the natural lower bound, given its simplicity and appealing properties. Our bounds significantly outperform the familiar Chernoff bound and reverse Chernoff bounds known in the literature and may find applications in various research areas.