Résumé en anglais

Following a hedging based approach to model free financial mathema tics, we prove that it is possible to make an arbitrarily large profit by investing in those one -dimensional paths which do not possess local times. The local time is constructed from discrete approximations, and it is shown that it is of finite p -variation for all p > 2. Additionally, we provide various generalizations of F ̈ollmer’s pathwise Itˆo formula.