If you're hedging with a back month / leap option, what are good underlying / market conditions to move this option out even further in time?
For simplicity, let's say you own a call with 6 months expiration. What conditions provide the best "prices", for selling this option, and then buying another further out in time, perhaps 9 months or 1 year out?
I realize this might take different forms based on what the underlying is doing relative to the option, but perhaps those could be addressed as cases.
--------------- Added after CQM'S answer, an additional clarifying question -------------
Does a leap with 6 months expiration, and then a leap with 1 year expiration (same strike), generally follow a ratio, regardless of implied volatility? So, say the 6 month leap was \$5, and the 12 month leap was $8, at a given market volatility level, this would make a ratio of 8/5, the cost of the 12 month leap over the 6 month leap.
If the volatility of the equity & market subsequently changed, perhaps became quite a bit lower, would this ratio likely still be 8 / 5 between the 12 month leap and the 6 month leap?