ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for assisting, but does that signify theta pnl only partly offsets Gamma pnl and not completely although implied vol = understood vol? Simply because assuming curiosity costs are zero, there isn't any other source of creating revenue. $endgroup$ the determined risk factors https://www.youtube.com/watch?v=qMmsQ4kKgY4