ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Thanks for supporting, but does that indicate theta pnl only partly offsets Gamma pnl and never thoroughly even when implied vol = understood vol? Mainly because assuming interest rates are zero, there is no other source of creating cash. $endgroup$ Picture this trade https://www.youtube.com/watch?v=qMmsQ4kKgY4