ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Many thanks for serving to, but does that mean theta pnl only partially offsets Gamma pnl and not fully regardless of whether implied vol = realized vol? Simply because assuming curiosity charges are zero, there's no other source of making cash. $endgroup$ The https://www.youtube.com/watch?v=qMmsQ4kKgY4