I hope you know about one more option: skip the parachute (and streamer) completely.
This is called "nose-blow" recovery (yeah, there are many many disgusting jokes to be made on this one, but it's a legit technique). The nose cone is still tethered by cord or shock cord to the rest of the rocket, but no other recovery device is fitted. At ejection, the NC is separated and the rocket is destabilized, and the whole thing comes tumbling down. It will descend a little more quickly than if you used a streamer or chute, but it will usually be OK.
When to use this approach: if it is a windy or gusty day, and you want to get your rocket down quickly without drifting away. Or, if your launch field is relatively small and you want to improve your chances of drifting outside the boundaries. Or, if you screwed up and there isn't room in your rocket for a recovery system.
When not to use this approach: if your launch/recovery area has rocky soil or short grass, and if you are afraid the landing impact might be too much. Or if your model rocket has a lot of delicate external detailed features that you don't want banged up.