ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Many thanks for helping, but does that mean theta pnl only partly offsets Gamma pnl and not fully although implied vol = understood vol? Mainly because assuming curiosity premiums are zero, there is absolutely no other source of earning revenue. $endgroup$ Even so, https://www.youtube.com/watch?v=qMmsQ4kKgY4