ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for encouraging, but does that mean theta pnl only partially offsets Gamma pnl and never absolutely even when implied vol = realized vol? Since assuming curiosity costs are zero, there is absolutely no other supply of earning cash. $endgroup$ In the https://www.youtube.com/watch?v=qMmsQ4kKgY4