The primary advantage of a long straddle is that you do not need to accurately forecast price direction.

FORBES: How To Profit With Long Straddles

These breakeven points are arrived at by adding and subtracting the price paid for the long straddle to and from the strike price.

FORBES: How To Profit With Long Straddles

As long as the reaction is strong enough in one direction or the other, a straddle offers a trader the opportunity to profit.

FORBES: How To Profit With Long Straddles