That is a million dollar question and something everyone will put their own ideas on.
There is no way anyone can advise you. Personally have worked on a 0.007 spread between options and FP. If the options are more than 0.007 cheaper than I have taken them. The spread is a personal calculation based on strike price and time remaining.
Whatever happens options give you a much bigger exposure to risk/reward.
Price going up you will love options.
Price going down you will hate options.
Same goes for what price to buy in at. I buy in 1/3 amounts until I get to my target. I expect to lose on the first third short term. By buying in 1/3rd's I spread my risk. Price goes up and it means my first third is already in the money. Price goes down I can drip my average.
That is very different to averaging down where someone buys more than they plan to drop the average. That is often a recipe for disaster.
Options should be converted anytime before the expiry date.
I usually convert around a month ahead of time to be safe..
Keep in mind that options do not participate in credit raising offers unless converted prior.
For that reason I usually keep both.
Others will have other methods. Just consider them all and choose what sounds right for you.
AVL Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
(20min delay)