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

If you hedge every moment, You would not realize the complete pnl on the greater SD moves but you do seize the total pnl of your scaled-down intraday moves. Conversely, if you only hedge at the time daily, you won't understand the complete pnl from the more compact intraday moves (like in the illustration) but you would in return realize the comple