[backlash875]

There are other models that take into account jumps in the prices/market. As for retail traders using these models, I think it is not recommended and not practical.

[hippich]

Any names/links/etc to learn more about such models?

[backlash875]

The Heston model has stochastic volatility. You can add jumps to this: https://en.wikipedia.org/wiki/Stochastic_volatility_jump