That's not the same as the pnl equalling the value paid, alternatively the envisioned pnl with the approach might be the same as the choice benefit. $endgroup$To produce The 2 solutions similar you need to visualize investing/borrowing $PnL_1$ at price $r$ so that it stays while in the procedure till $t_2,.$ At the moment yourLa PNL se basa en vari