ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for assisting, but does that imply theta pnl only partially offsets Gamma pnl and never totally regardless of whether implied vol = recognized vol? Because assuming interest fees are zero, there is not any other supply of producing cash. $endgroup$ the https://www.youtube.com/watch?v=qMmsQ4kKgY4