ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for assisting, but does that indicate theta pnl only partly offsets Gamma pnl and never totally even when implied vol = realized vol? Simply because assuming interest fees are zero, there is not any other source of creating funds. $endgroup$ WillWill 13344 https://simonntxbg.tinyblogging.com/5-simple-techniques-for-pnl-77753992