ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Thanks for encouraging, but does that imply theta pnl only partially offsets Gamma pnl and never totally although implied vol = recognized vol? Due to the fact assuming curiosity costs are zero, there isn't any other source of making revenue. $endgroup$ Picture this https://www.youtube.com/watch?v=qMmsQ4kKgY4