  We examine the possibility of incorporating information or views of market
movements during the holding period of a portfolio, in the hedging of European
options with respect to the underlying. Given a fixed holding period interval,
we explore whether it is possible to adjust the number of shares needed to
effectively hedge our position to account for views on market dynamics from
present until the end of our interval, to account for the time-dependence of
the options' sensitivity to the underlying. We derive an analytical expression
for the number of shares needed by adjusting the standard Black-Scholes-Merton
$\Delta$ quantity, in the case of an arbitrary process for implied volatility,
and we present numerical results.
