In all such type of scenario ...... unfortunately ..... Option sellers price all such uncertainties both ways ...... and there is not much juice left in straddle / strangle ......
I tried in limited quantities on many such occasions ... not much success ....
One such time was may 2014 ... just before Lok Sabha Election results ....
Had I betted naked calls on Modi ..... I could had made handsome profit ....
But prior to that event both Calls & PUTs were hugely expensive ..... I went for straddle ......
.... got only small profit ....
Another was way back in 2005 or 2006 ..... at that time IT stocks were still hot ..... and whenever result day of biggies like Infosys was due there were huge volatily due to speculation on whether or not INFY will beat market expectation .....
I bought a straddle ...... and ended in small marginal loss