AN UNBIASED VIEW OF PNL

In the event you hedge each and every moment, You would not comprehend the entire pnl in the more substantial SD moves however you do seize the total pnl of the scaled-down intraday moves. Conversely, if you only hedge at the time every day, you will not know the total pnl in the scaled-down intraday moves (like within your instance) but you'll in