ExIRExIR 16711 bronze badge $endgroup$ one $begingroup$ Many thanks for supporting, but does that mean theta pnl only partly offsets Gamma pnl rather than thoroughly even if implied vol = understood vol? Since assuming interest rates are zero, there isn't any other source of making money. $endgroup$ the discovered risk https://www.youtube.com/watch?v=qMmsQ4kKgY4