In WA, the CCW law clearly states that the weapon can be drawn in order to protect oneself and also to prevent a felony in progress. Other states may vary, hell, they WILL vary.
That said, being a hero only goes so far. I was one today; a man was fallen in the street and I stopped, blocked traffic, and helped until medics arrived. But drawing during an armed robbery is a different animal. You may NOT be the hero if circumstances go another route.
What if the robber is using a fake weapon? Or an unoaded weapon? In some cases, your drawing and firing and could make you the "bad" guy. If the guy is an active shooter or has already fired a shot, then the story changes considerably. In this state I am well within my rights to put one in him if he does not respond to my commands and turns on me.
Personally, I carry to protect myself and loved ones. I figure a robbery would be less likely if everyone else carried. I do not carry to protect other's property. I do not carry to protect a stranger's life, but I may in an active shooter scenario.
For a robbery with no shots fired, I'd 1. seek cover. 2. draw at the low ready. 3. attempt to extract myself and call the cops 4. if challenged, I would fire. I would consider the challenge a direct threat.
Now consider this. Right down the street, literally, four cops were gunned down at a coffee shop. You know what I am talking about. Lots of people afterwards say they would have stopped it, but here you have FOUR open carry officers. Nobody else was shot but them. The first two didn't have a chance. The second two were in the process of drawing, but didn't have a chance. Here you have an active shooter. A felony in progress. You would certainly have been a hero in this situation, considering the aftermath, but would challenging the shooter put others in danger? Note he did not shoot at other customers or staff. He simply left. Challenging him while armed and loaded could put others at risk. That said, he was an active shooter. I would feel that my life was in risk during the firing. As an armchair general, I would say that I would have drawn and simply fired in a situation like this. No warning during an active shooter.
It is always a tough decision to draw. If I have that gut feeling, and I recognize it well as I have been beaten and robbed a few times and was lucky to get away when younger, then I draw. I always carry now, and I will always draw when I have that "feeling". I guess that answers the question:
When you get the gut feeling, draw. Period. Your life is in danger or you would not have that feeling, it is instinct. Hold out your weak arm defensively and give a strong verbal warning if possible. If not, fire, fire, fire. Then play the cards dealt.
Also, be aware of your situation. If someone else draws during an incident, they probably had that same feeling. Note which direction the muzzle is pointed. If not at you, he may be on your side. At any rate, both of you should be aimed at the same target, not at each other, as both of you should have identified the same danger. Both of you should give a similar warning if possible. If not, and clear to fire, fire.
I think that states that issue CCW's should make certain things clear, on the other hand, in this state if it isn't expressly illegal, it is legal. Having an SOP for drawing would help, maybe, but if you let lawyers do it they will F it up. Here in WA, if you pass the background check, you get the license. Period. No training, no class. I come from an infantry background, and simply use the ROE card issued ON 9/11. It is a good CYA thing, gives enough warning and enough authority (and it goes along with the state law). But the desk jockey accross the room may have only fired a few hundred rounds in his life. It would be nice for everyone to be on the same page... A state ROE card might be nice. If the lawyers don't F it up.