ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Thanks for encouraging, but does that mean theta pnl only partly offsets Gamma pnl and never fully whether or not implied vol = understood vol? Simply because assuming curiosity prices are zero, there isn't a other supply of earning cash. $endgroup$ $begingroup$ For https://www.youtube.com/watch?v=qMmsQ4kKgY4