ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for helping, but does that necessarily mean theta pnl only partly offsets Gamma pnl and never entirely even though implied vol = understood vol? Due to the fact assuming curiosity prices are zero, there is absolutely no other source of making money. https://www.youtube.com/watch?v=qMmsQ4kKgY4