option trading call put balancing

Suppose we bought banknifty option long strangle before some big event

Or 

After a long tight range.

Bought 31500 call in INR 300 premium

Bought 31000 put in INR 300 premium

Total investment 600 points*lot size 20=INR 12000

We are ready here for any big movement either side.

Now banknifty moved from 31200 to 31500 due to some positive trigger.

So call premium increased

300 to 520.

Put premium reduced 

300 to 120 only.

Total is 520+120=640now.

I expect banknifty to go 32000-33000 from today 31500level in near future.

But there will be profit booking after every upside move.

So if there is a technical correction of 150-300 points only(0.5 to 1%)

What will happen?

Call will reduce to 50-60%

520 to 230

Put will increase by 50-70%

130 to 200

Because now put has become far out of money.

So total is 200+230=430 now.

210points less than previous day total.

We need to re balance the position.

So sell that long strangle,both call put in

640.

And buy a new combination with latest perspective.

So there was a bull run in banknifty for last 3 days .

So a selling is expected more than further buying.

So we can buy a bigger put with smaller OTM call now.

So at 31500,

We bought 31400 put in INR 250 premium

& Bought 31800 call in INR 200 premium.

If there is a 200pt downfall 

Put may rise 250 to 380

Call may reduce 200 to 120.

Now total is 500.

You can sell the combo &

Rebalance again.

Call & put are chosen on basis of premium,

Not on basis of strike price.

If you are following 5 day hi/low

And

Mid-day breakout strategy daily,

Parallel to such long strangle,

You will be safe in any sudden reversal.