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+EXHIBIT 13.4 The effect of time on P&(L).
+As time passes, the reduction in profit is reflected by the center point of
+the graph dipping farther into negative territory. That is the effect of time
+decay. The long options will have lost value at that future date with the
+stock still at the same price (all other factors held constant). Still, a move in
+either direction can lead to a profitable position. Ultimately, at expiration,
+the payoff takes on a rigid kinked shape.
+In the delta-neutral long call examples used in this chapter the position
+becomes net long stock if the calls are in-the-money at expiration or net
+short stock if they are out-of-the-money and only the short stock remains.
+Volatility, as well, would move the payoff line vertically. As IV increases,
+the options become worth more at each stock price, and as IV falls, they are
+worth less, assuming all other factors are held constant.
+A delta-neutral short-gamma play would have a P&(L) diagram quite the
+opposite of the smiley-faced long-gamma graph. Exhibit 13.5 shows what is
+called the short-gamma frown.