Does anyone know how the IB "Model" price is calculated? After hours, the model price falls outside the bid-ask so I suspect that it takes some input from the underlying price and not purely a function of option market pricing / smoothing. I can't find anything from IB on how the parameter is calculated. But then Disney fell after hours on earnings and the model price looks stale and not considering what happened with underlying.
The column is based on the following page info. https://www.interactivebrokers.com/en/?f=/en/trading/model-navigator.php