ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that mean theta pnl only partly offsets Gamma pnl rather than entirely regardless of whether implied vol = realized vol? Since assuming desire costs are zero, there is absolutely no other supply of building revenue. $endgroup$ $begingroup$ https://www.youtube.com/watch?v=qMmsQ4kKgY4