M Fisher,

I do not know where you have worked as an option trader but in fact option traders I have known have really used the B&S formula. And it's the case since the seventies. I also worked as an option trader for several months in the nineties and I can tell you that we only used the B&S formula to price options. Of course, there were always parallel techniques as MC simulation to price options and research keeps on going. But it is not true that option traders never used B&S formula. Why is this formula so popular if it is not used by anyone?