ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for assisting, but does that suggest theta pnl only partially offsets Gamma pnl and not totally even when implied vol = realized vol? Since assuming curiosity fees are zero, there's no other supply of earning dollars. $endgroup$ Visualize that this trade is https://www.youtube.com/watch?v=qMmsQ4kKgY4