HOW MUCH YOU NEED TO EXPECT YOU'LL PAY FOR A GOOD PNL

If you hedge each moment, you wouldn't realize the complete pnl in the larger SD moves but you do seize the total pnl of your scaled-down intraday moves. Conversely, if you only hedge the moment every day, you won't know the total pnl from the scaled-down intraday moves (like inside your case in point) but you'd probably in return notice the comple