ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for encouraging, but does that necessarily mean theta pnl only partly offsets Gamma pnl instead of fully even when implied vol = realized vol? Because assuming interest rates are zero, there isn't any other source of earning income. $endgroup$ La mente https://www.youtube.com/watch?v=qMmsQ4kKgY4