ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Thanks for helping, but does that imply theta pnl only partially offsets Gamma pnl and not totally although implied vol = recognized vol? Due to the fact assuming curiosity rates are zero, there's no other source of building money. $endgroup$ Picture this trade https://www.youtube.com/watch?v=qMmsQ4kKgY4