$ Inside the "perform circumstance" you liquidate the portfolio at $t_1$ realising its PnL (allow me to simplify the notation a tad) $begingroup$ For a possibility with value $C$, the P$&$L, with respect to variations from the underlying asset rate $S$ and volatility $sigma$, is offered by It's also possible https://pnl29641.blog4youth.com/34717578/helping-the-others-realize-the-advantages-of-pnl