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Option traders use a pricing formula which they adapt by fudging and changing the tails and skewness by varying one parameter, the standard deviation of a Gaussian. Black, Scholes and Merton did not invent any formula, just found an argument to make a well known formula compatible with the economics establishment. Option traders did not use formulas after 1973 but continued their bottom-up heuristics.

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alanpicard2303

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