$begingroup$ If you evaluate just an individual example, it may well look like the frequency of hedging instantly results the EV/Avg(Pnl), like in the specific situation you explained exactly where hedging each individual moment proved being far more profitable. Pero, si redefinimos el objetivo dando detalles tendremos mucho más claras https://www.youtube.com/watch?v=qMmsQ4kKgY4