Straddling Over the Risks

My past week of ISM has mainly comprised of deriving profitable strategies to trade securities. I learned a lot about the straddle options strategy. The straddle options strategy involves buying a put option as well as a call option for an underlying security. Both contracts must have the same strike price and the same expiration date. As options are traded, the potential profits are unlimited, while losses are limited to the contract's premium. This, coupled with profitable exit strategies for both downward and upward movements of an underlying security, in my opinion, would reduce potential losses to some extent at least. The important thing is, the profits should be able to cover the contract premium and broker fee: if any. The main factor affecting potential losses or gains would be the volatility of the underlying stock. I am in the process of finding a suitable volatility measure to use in my own case to integrate into the straddle options strategy. This volatility would have to be above a certain derived quantity, after which a straddle strategy could be suggested. Taking into account the premium, fees, and the price time series, both contract prices would be suggested. Once I have a workable straddle strategy, I plan to try integrating a mean reversing strategy into it.