One of the strategies I am experimenting is trading skew. One of the basic mehods is supposed to be a risk reversal for example. Any suggestions for different strategies are welcome but my main question is about delta hedging. How do you calculate delta for OTM options? I have some general knowledge of the problem, of different models and I have access to some very basic Excel spreadsheets that utilise Heston, SABR, SVI. Obviously I don't want to start spending endless time to try to learn something that is beyond my needs and my abilities Ideally I would like something that captures the dynamics of the whole surface but for practical purposes I would like to use something that I can uderstand and work with, that is fairly accurate but don't care (or should I?) for accuracy that a market maker or an exotics trader needs - for example some sort of parametric model I am looking mainly in index/ETFs and shorter maturity 1M to 3M.