Sound like swing trading. May be of interest to @pandeyathotmail should he interested in swing trading (multi-day to multi-week).
My comments on hedging are from a position (multi-month) trader’s to short-term (less than 1 year) investment perspective. Is why I use LEAPS and ignore consolidation (<10% decline). For swing traders, need to care about any consolidations for multi-day swings and more than 3% consolidation for multi-week swings.
I don’t do such computation. Just check my LEAPS calls are around 3x leverage.