Any market maker pricing options with Black-Scholes won't be a market maker for long. Black-Scholes is just a customer-facing description of the option (i.e, i

Any market maker pricing options with Black-Scholes won't be a market maker for long. Black-Scholes is just a customer-facing description of the option (i.e, it provides greeks that everyone can understand). But it isn't used as a starting point. In practice, MM will back out what the implied volatility is from current prices. Then a stochastic volatility model is calibrated against that. https://en.wikipedia.org/wiki/Stochastic_volatility https://en.wikipedia.org/wiki/Stochastic_volatility