Is there a definitive answer to whether or not under and overhedging are equally risky? We could consider 2 cases, a) continuous hedging or b) hedging upon pre-determined movements in the underlying (every x points etc.) Obviously this would depend upon the sample path of the underlying, but could you be able to say something about the standard deviation of your future P&L distribution if you say overhedged by 140% (im long 100 so sell 140 etc) or underhedged by 60%? (long 100 so sell 60 etc). Could it depend upon your being short or long gamma?