Extensional self-similar flows in a channel are explored numerically for arbitrary stretching–shrinking rates of the confining parallel walls. The present analysis embraces time integrations, and continuations of steady and periodic solutions unfolded in the parameter space. Previous studies focused on the analysis of branches of steady solutions for particular stretching–shrinking rates, although recent studies focused also on the dynamical aspects of the problems. We have adopted a dynamical systems perspective, analysing the instabilities and bifurcations the base state undergoes when increasing the Reynolds number. It has been found that the base state becomes unstable for small Reynolds numbers, and a transitional region including complex dynamics takes place at intermediate Reynolds numbers, depending on the wall acceleration values. The base flow instabilities are constitutive parts of different codimension-two bifurcations that control the dynamics in parameter space. For large Reynolds numbers, the restriction to self-similarity results in simple flows with no realistic behaviour, but the flows obtained in the transition region can be a valuable tool for the understanding of the dynamics of realistic Navier–Stokes solutions.