ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Many thanks for serving to, but does that indicate theta pnl only partially offsets Gamma pnl rather than entirely whether or not implied vol = realized vol? Mainly because assuming curiosity premiums are zero, there isn't any other supply of making cash. $endgroup$ https://www.youtube.com/watch?v=qMmsQ4kKgY4