THE FACT ABOUT PNL THAT NO ONE IS SUGGESTING

In the event you hedge every minute, You would not recognize the full pnl in the greater SD moves but you do seize the total pnl in the lesser intraday moves. Conversely, if you only hedge after each day, you won't recognize the complete pnl in the lesser intraday moves (like in your example) but you'll in return recognize the complete pnl from the