Well, I have read a lot of interesting stuff here by 3 or 4 members (they'll know who) and while not being an expert on the topic myself ( not even an option trader) I am hoping to get valuable input on a topic I consider interesting. First: I've read Mandelbrot and I'm in the middle of Natenberg. Second: Everybody knows Black-Scholes is based on a lognormal distribution of Gaussian origin. Everybody knows this is effectively incorrect. Third: If you read well certain interviews, you come to perceive that virtually every successful major options firm has a proprietary model that is basically Black-Scholes scaled to include a higher probability of outliers. Fourth: Most of the non-proprietary software including that used by many pros and the implied vol numbers of virtually every data feed seem to me non-scaled / Gaussian. So question 1: When there is ongoing arbitrage of some firms between the Gaussian and the non-Gaussian model implications will that suffice to keep the market efficient? Question 2: If it does not suffice, is there a strategy at all someone could profit from a possible mispricing outliers vs. moderate ITM/OTM?