I had similar experience too
Sold 4200pe, 4600ce strangle for around 119 around 12/13th Aug.
After that 4600ce went into money. Only then I understood that I'm not getting as much juice from my 4200pe (this late realization cost me 40 points
). So I squared it off and shorted 4500pe. After Nifty came down and 4500pe was in the money. I squared off my 4600ce part again and shorted 4400ce which was in the money. I continued this closing my in-profit side all the time till today.
Today I squared off 4500pe, 4300ce taking a 35 point net profit . I held the whole position for around 9 days so 35 points is certainly not worth the effort (though it looked safe all the while to me). But I did learn quite a bit about handling option writing when the underlying keeps moving around in a broad range
.
The whole thing was only possible because I had low transaction costs and a tidy margin.