ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Many thanks for helping, but does that mean theta pnl only partly offsets Gamma pnl instead of totally regardless of whether implied vol = recognized vol? Due to the fact assuming curiosity fees are zero, there is no other supply of building funds. https://www.youtube.com/watch?v=qMmsQ4kKgY4