ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for helping, but does that mean theta pnl only partially offsets Gamma pnl and never completely regardless of whether implied vol = understood vol? Due to the fact assuming interest rates are zero, there isn't a other source of making money. $endgroup$ https://www.youtube.com/watch?v=qMmsQ4kKgY4