ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that indicate theta pnl only partially offsets Gamma pnl and never entirely regardless of whether implied vol = understood vol? Simply because assuming interest prices are zero, there's no other source of creating dollars. $endgroup$ Depreciation = https://www.youtube.com/watch?v=qMmsQ4kKgY4