ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Many thanks for serving to, but does that mean theta pnl only partially offsets Gamma pnl and not thoroughly whether or not implied vol = recognized vol? Mainly because assuming fascination fees are zero, there is not any other supply of making income. https://www.youtube.com/watch?v=qMmsQ4kKgY4