there are many ways, not 2 of this 2 1) is better as it gives you defined maximum risk 2) will expose you to almost unlimited risk as the gap...
In case of short straddle you could not have both options ITM at expiration - at least you'll stay with one premium in the pocket and one short...
At least, sell straddles - with the same reward you'll cut the risk twice as the market will go against you only in one direction.
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