ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Thanks for assisting, but does that necessarily mean theta pnl only partly offsets Gamma pnl and never completely even when implied vol = realized vol? Simply because assuming curiosity premiums are zero, there isn't a other source of making money. $endgroup$ La mente https://www.youtube.com/watch?v=qMmsQ4kKgY4