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

When you hedge each moment, You would not recognize the full pnl of your much larger SD moves however you do capture the complete pnl from the lesser intraday moves. Conversely, if You simply hedge once daily, you won't realize the complete pnl in the smaller intraday moves (like in the instance) but you'd in return notice the total pnl from the mo