ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for helping, but does that necessarily mean theta pnl only partly offsets Gamma pnl and never completely whether or not implied vol = recognized vol? Mainly because assuming fascination costs are zero, there is absolutely no other supply of producing cash. $endgroup$ https://www.youtube.com/watch?v=qMmsQ4kKgY4