ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for assisting, but does that imply theta pnl only partly offsets Gamma pnl rather than absolutely whether or not implied vol = understood vol? Mainly because assuming desire rates are zero, there isn't any other source of earning dollars. $endgroup$ $begingroup$ I https://www.youtube.com/watch?v=qMmsQ4kKgY4