Using the chute on engine failure after take-off

I was reading about the crash this week of one of the brand new Meridens, which happened shortly after take-off, and it got me to thinking about losing the big fan up front during climb-out. Now, I don’t know about anyone else, but the first minutes of every flight I’m always thinking to myself, just give me a few hundred feet more altitude, a little more room in case something happens…

Which brings me to my question. What have people decided about using the Chute if you lose that engine right after take-off? I don’t know enough about what causes the chute to “open” – is it forward speed, vertical speed… to make an educated guess about at what AGL I’d yank it if, as in many cases, there was nowhere to land off the departure end of the runway.