ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that imply theta pnl only partially offsets Gamma pnl and never absolutely even when implied vol = realized vol? Due to the fact assuming fascination premiums are zero, there is not any other source of generating dollars. https://martinipsvx.ampedpages.com/little-known-facts-about-pnl-61039100