ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for helping, but does that imply theta pnl only partially offsets Gamma pnl and never absolutely even if implied vol = realized vol? Simply because assuming desire rates are zero, there's no other source of creating cash. $endgroup$ Depreciation = price in https://augustvjdgi.thezenweb.com/a-secret-weapon-for-pnl-72110845