5 SIMPLE STATEMENTS ABOUT PNL EXPLAINED

$ While in the "do the job case" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation a tad)$begingroup$ In the event you examine just only one example, it could look like the frequency of hedging straight outcomes the EV/Avg(Pnl), like in the situation you described where by hedging each moment proved being extra su