ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that imply theta pnl only partially offsets Gamma pnl rather than entirely whether or not implied vol = recognized vol? Since assuming desire premiums are zero, there is not any other source of producing funds. $endgroup$ La https://www.youtube.com/watch?v=qMmsQ4kKgY4