ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Thanks for helping, but does that imply theta pnl only partially offsets Gamma pnl and never fully although implied vol = understood vol? Due to the fact assuming curiosity charges are zero, there's no other source of making revenue. $endgroup$ $begingroup$ I estimate https://www.youtube.com/watch?v=qMmsQ4kKgY4