ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that indicate theta pnl only partially offsets Gamma pnl rather than absolutely although implied vol = understood vol? Because assuming interest fees are zero, there is no other source of earning revenue. $endgroup$ $begingroup$ For an alternative https://www.youtube.com/watch?v=qMmsQ4kKgY4