I'm trying to decipher the following view from a trade I've made on IB. I think I'm missing something important with respect to how trading this option works. Trade P&L.
I understand that the dotted line is today's p&l if today the underlying sat at that price. The solid line is the same thing but on the day of expiration. So what I'm not understanding is why are the lines flipping? Say if we just held the trade today (7th April in picture) our value would be +$162, and similar the next day. A few days before expiration if that was true all the time wouldn't we have accumulated $162*days held in profit? It seems to be that we're losing value to theta at the same rate in reverse.
My breakeven is ~224 so what price am I actually hoping for pre expiration? What is the dotted line telling me that I'm not understanding? Thanks in advance.