Dear Akshay
all points mentioned by u is really appreciable but one thing has little bit concern is that as u said If Option Price is also increasing then its Long Built up. And if,
option price is decreasing then its option writing
this is reactive approach if we wanna profitable in the market we have to be proactive
in this my experience is built up on in the money is writing or misleading approach by smart money(bade munafe ke liye chota loss) or a strategy done by the professionals.