1) When someone does an intraday short strangle on Nifty, theoretically is it the total theta decay for the day on the P&L calculation table they are targeting for?
2) When I do short strangle, I have noticed that when there is a bit of volatility, sometimes the peak profit of the position is not necessarily at the end of the day. Is there some general calculation that I can use in mind, to know that the profit right now on screen is at its peak than waiting till end of day. So I can manually square off the trade than waiting till 3:30 and make less than what the position has yielded during intraday?
Thank You.