Hmp ji the choice of option strike price is determined by your risk appetite. But after you choose the strike price, your entry is based on either the spreadline being above 200EMA and also most importantly you should be in trade only till the underlying is above 200EMA in price and OBV. (You may use a 15min chart for this if you are buying options for the whole expiry so it is to treated as positional play).
We also have weekly expiries in BANK NIFTY and i only trade them, only weekly no monthly for me.
If i am having a large open position then only i use hedging otherwise i let them be. Also i might use hedging in case of an important overnight event which might impact the markets.
Intraday i buy and sell the same strike price options based on the signal of my spreadline, but only accumulate the higher strike price options as per the method i had written about.
For my longer positional plays (which i treat separately) i buy on a close in daily above 36EMA price in daily charts, and remain / roll over my positions till we close above 36EMA in daily chart.
I guess i have addressed all your querries.
We also have weekly expiries in BANK NIFTY and i only trade them, only weekly no monthly for me.
If i am having a large open position then only i use hedging otherwise i let them be. Also i might use hedging in case of an important overnight event which might impact the markets.
Intraday i buy and sell the same strike price options based on the signal of my spreadline, but only accumulate the higher strike price options as per the method i had written about.
For my longer positional plays (which i treat separately) i buy on a close in daily above 36EMA price in daily charts, and remain / roll over my positions till we close above 36EMA in daily chart.
I guess i have addressed all your querries.