Say I have calibrated an local volatility mode to market data on a forward on stock X. Say I want to price a derivative Y that is NOT a call/put option. What is the (or one of many) general strategy to compute the price of the new derivative?
I am used to experiment with stochastic volatility and simulatons based derivative pricing.
My knowledge of Local Vol is this:
notes (as the link above) and slides are welcome, scientific paper are not as they more often look at specifics rather the overall picture.