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the problem is it's using PT table sessions. if you play a 300-hand session, it should not be treated as 3 equal 100-hand blocks. you could've swung up and down 250 BB in those 300 hands.
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I see what you mean now. But over a large enough sample this will average out too. After enough sessions, your overall session results will reflect your variance just as well as if you broke them into 100 hand blocks, and the two calculation methods will converge.
I wrote an
Excel file to show this. Say your results of a 100 hand block were like coin flips. Heads +100BB, tails -100BB.
Now if you play many 400 hand sessions, one sixteenth of your sessions will be +400, one sixteenth will be -400, one quarter will be +200, one quarter will be -200, etc.
As long as you play enough sessions so that this distribution is reflected well in your session results, it doesn't matter which method you use to calculate your SD/100.