ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Thanks for supporting, but does that mean theta pnl only partially offsets Gamma pnl rather than entirely whether or not implied vol = understood vol? Since assuming curiosity rates are zero, there isn't any other source of generating funds. $endgroup$ Column nine: Effect https://www.youtube.com/watch?v=qMmsQ4kKgY4