ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for supporting, but does that necessarily mean theta pnl only partially offsets Gamma pnl instead of completely even when implied vol = realized vol? Mainly because assuming desire prices are zero, there's no other supply of producing cash. $endgroup$ Visualize this trade https://www.youtube.com/watch?v=qMmsQ4kKgY4