January 23rd, 2011, 8:30 pm
In FX you quote the vol parameters (ATM, RR, Fly) for deltas, and then with {forward, delta, vol, time}, you find the strike.So a 10 delta USD Call BRL Put could be a 2.10 strike or a 4.00 strike, depending on the parameters (in 2008, a 1y 10 delta like that had a 5.92 strike and traded at around 3%).So you look at the delta space first and then find the corresponding strike.