ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Many thanks for helping, but does that suggest theta pnl only partially offsets Gamma pnl rather than totally even when implied vol = understood vol? Because assuming fascination costs are zero, there's no other source of creating funds. $endgroup$ Meanwhile it is the https://www.youtube.com/watch?v=qMmsQ4kKgY4