I was trying to build a options trading/optimization system. But it often gets more inaccurate as it scans through the far from ATM options because, you know, options skews.
That is because I did not price in options skews, or jump premium. I am wondering if there is a popular formula that takes "degree of options skew", and either strike price or Delta as inputs, and then give me skews premium in terms of IV as output.
Thank you very much.
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