ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that suggest theta pnl only partly offsets Gamma pnl and never absolutely even if implied vol = recognized vol? Since assuming curiosity rates are zero, there's no other source of building cash. $endgroup$ In the meantime it's https://www.youtube.com/watch?v=qMmsQ4kKgY4