ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Many thanks for encouraging, but does that necessarily mean theta pnl only partly offsets Gamma pnl instead of absolutely even if implied vol = recognized vol? For the reason that assuming interest rates are zero, there isn't any other source of making revenue. https://www.youtube.com/watch?v=qMmsQ4kKgY4