AN UNBIASED VIEW OF PNL

In case you hedge each and every minute, you wouldn't know the total pnl in the bigger SD moves however you do seize the entire pnl in the smaller intraday moves. Conversely, if You simply hedge at the time on a daily basis, you won't recognize the entire pnl from your smaller intraday moves (like in the case in point) but you'll in return recogniz