ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that mean theta pnl only partially offsets Gamma pnl instead of completely whether or not implied vol = realized vol? Simply because assuming curiosity prices are zero, there isn't a other supply of building revenue. $endgroup$ $begingroup$ https://alexisjoswb.actoblog.com/34771469/the-best-side-of-pnl