ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that imply theta pnl only partially offsets Gamma pnl and not fully even when implied vol = understood vol? Due to the fact assuming fascination costs are zero, there isn't a other source of creating money. $endgroup$ https://www.youtube.com/watch?v=qMmsQ4kKgY4