ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for helping, but does that suggest theta pnl only partially offsets Gamma pnl rather than thoroughly although implied vol = understood vol? Since assuming curiosity prices are zero, there is not any other source of generating dollars. $endgroup$ Think about that this https://www.youtube.com/watch?v=qMmsQ4kKgY4