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

In the event you hedge every moment, you wouldn't know the full pnl with the greater SD moves but you do seize the total pnl of the scaled-down intraday moves. Conversely, if You simply hedge as soon as on a daily basis, you will not notice the full pnl within the more compact intraday moves (like with your illustration) but you'll in return unders