LITTLE KNOWN FACTS ABOUT PNL.

In case you hedge every minute, you wouldn't understand the complete pnl from the greater SD moves however, you do seize the entire pnl with the lesser intraday moves. Conversely, if You merely hedge as soon as every day, you won't comprehend the total pnl in the lesser intraday moves (like in the case in point) but you'd in return notice the full