ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Many thanks for helping, but does that necessarily mean theta pnl only partly offsets Gamma pnl and never entirely although implied vol = realized vol? Due to the fact assuming desire prices are zero, there is no other supply of generating money. $endgroup$ https://www.youtube.com/watch?v=qMmsQ4kKgY4