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

When you hedge every minute, you wouldn't recognize the entire pnl from the much larger SD moves however you do capture the total pnl from the scaled-down intraday moves. Conversely, if you only hedge after a day, you won't realize the entire pnl within the more compact intraday moves (like within your illustration) but you would in return understa