AN UNBIASED VIEW OF PNL

An Unbiased View of pnl

Should you hedge each and every moment, you wouldn't recognize the full pnl of the much larger SD moves however you do seize the total pnl from the smaller intraday moves. Conversely, if You simply hedge as soon as per day, you will not notice the total pnl from the smaller sized intraday moves (like inside your illustration) but you'd probably in

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