ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that imply theta pnl only partially offsets Gamma pnl and never entirely regardless of whether implied vol = understood vol? For the reason that assuming curiosity rates are zero, there isn't a other supply of making money. https://www.youtube.com/watch?v=qMmsQ4kKgY4