ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for encouraging, but does that indicate theta pnl only partly offsets Gamma pnl rather than totally regardless of whether implied vol = realized vol? Mainly because assuming interest premiums are zero, there's no other supply of creating cash. $endgroup$ $begingroup$ For a https://www.youtube.com/watch?v=qMmsQ4kKgY4