ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for assisting, but does that indicate theta pnl only partly offsets Gamma pnl and never absolutely whether or not implied vol = recognized vol? Mainly because assuming curiosity rates are zero, there's no other source of building revenue. $endgroup$ Meanwhile it https://www.youtube.com/watch?v=qMmsQ4kKgY4