ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for helping, but does that imply theta pnl only partially offsets Gamma pnl and never entirely even when implied vol = recognized vol? Since assuming curiosity premiums are zero, there's no other supply of building dollars. $endgroup$ Depreciation = benefit at https://www.youtube.com/watch?v=qMmsQ4kKgY4