$begingroup$ For those who examine just just one illustration, it might look like the frequency of hedging specifically effects the EV/Avg(Pnl), like in the specific situation you described wherever hedging each moment proved to be far more worthwhile. $begingroup$ The pnl calculation is finished in 2 actions. By definition, you https://www.youtube.com/watch?v=qMmsQ4kKgY4