ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for serving to, but does that signify theta pnl only partly offsets Gamma pnl rather than entirely even though implied vol = realized vol? Because assuming interest prices are zero, there isn't any other source of creating income. $endgroup$ Column 9: https://www.youtube.com/watch?v=qMmsQ4kKgY4