ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Thanks for aiding, but does that indicate theta pnl only partially offsets Gamma pnl and never thoroughly even if implied vol = realized vol? Due to the fact assuming curiosity rates are zero, there's no other source of creating money. $endgroup$ WillWill 13344 https://www.youtube.com/watch?v=qMmsQ4kKgY4