ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for assisting, but does that imply theta pnl only partially offsets Gamma pnl and not fully even when implied vol = understood vol? For the reason that assuming desire rates are zero, there isn't any other source of making money. $endgroup$ La https://www.youtube.com/watch?v=qMmsQ4kKgY4