I use the same holdover on my PCPs through changing magnifications, but that may be just that the trajectory is flatter than that of the M54.
I was confused by the changing POI relative to the reticle, but you are right that I should have expected it.
I was a little concerned that I was not holding UNDER at 10 yards. I guess the setup was optimized for 30 yards and the 10 yard target must be catching the pellet on the way up while the 50 yard target it catching it on the way down.
My buddy picked the gun up today. I made him shoot groups at 10, 30, and 50 yards using the reticle picture in the OP. He did very well and the gun was shooting as it should. I don't like to click scopes on a springer. I figure set it and forget it and use the reticle for changes in distance is the best policy.
Thanks for the comments.