ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Many thanks for aiding, but does that imply theta pnl only partially offsets Gamma pnl rather than totally regardless of whether implied vol = realized vol? Simply because assuming curiosity costs are zero, there is absolutely no other source of generating cash. $endgroup$ https://www.youtube.com/watch?v=qMmsQ4kKgY4