ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for encouraging, but does that necessarily mean theta pnl only partly offsets Gamma pnl and not totally whether or not implied vol = recognized vol? Simply because assuming interest fees are zero, there is no other source of earning cash. $endgroup$ https://www.youtube.com/watch?v=qMmsQ4kKgY4