Far OTM Calls and Puts

F&O
1

Can anyone suggest, when exactly should someone exit out of the Far OTM Options. Say I have Sold Nifty 12000CE for December Month. Shall I wait for expiry or exit as I see good MTM.
And what else is the benefits of Far OTM Options?

2

Look like you are new to option trading, can start from here to understand options in detail.