chris10martin

An options straddle strategy is buying (or selling) both a put and call option with the same strike price and expiration date for the same underlying asset, and paying both the put and call premiums. A long straddle options spread is the buying side of an options straddle strategy. Buying a put and call option with the same strike price and expiration makes this a market neutral strategy with limited risk and unlimited profit potential. It seeks to capitalise on increased volatility regardless of the direction of underlying asset's price movement.
https://steadyoptions.com/articles/long-straddle-option-strategy-the-ultimate-guide-r750/