ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for encouraging, but does that indicate theta pnl only partly offsets Gamma pnl and not completely although implied vol = realized vol? Mainly because assuming desire fees are zero, there isn't any other source of generating dollars. $endgroup$ $begingroup$ For a https://www.youtube.com/watch?v=qMmsQ4kKgY4