ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for encouraging, but does that suggest theta pnl only partly offsets Gamma pnl and not totally regardless of whether implied vol = recognized vol? Simply because assuming interest rates are zero, there isn't any other source of creating money. $endgroup$ Meanwhile it's https://www.youtube.com/watch?v=qMmsQ4kKgY4