ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Thanks for helping, but does that mean theta pnl only partially offsets Gamma pnl and never completely even though implied vol = realized vol? Because assuming interest fees are zero, there is no other supply of producing money. $endgroup$ Think about that this https://www.youtube.com/watch?v=qMmsQ4kKgY4