hi Peter. you are raising an interesting topic there. I was always under the impression that you need not chart the Option, just the underlying stock will do the trick. what's more, you need to keep a very close watch on the op, because any adverse movement in the stock could wipe the option right out.
that said, it is however encouraging to note that people like Optionvue have designed something that's full of signals & warnings, by the looks of it. why don't you try it out & let us know how you go.
unless using them as a hedge, it is not advisable to trade options on an uncertain market like what we've got now ... can't make up its mind. best time is when there is a trend reversal ... e.g. on elliott wave. don't know if you are into EW, but we are now in one of these a-b-c phases ... totally indecisive.