The straddle is one of the best strategies in use today in trading binary options. Although the setup itself can be difficult, the way that it ultimately works is by placing a call and a put on the same asset. You would want to place a put as high as you possibly could on the asset and then when the market drops you would place a call in the opposite direction as it returns back up. This allows you to always have at least one trade expiring in the money so that you will either take a minimal loss or gain a huge reward for landing both trades for a large sum.
Pros: Limits risk and offers high reward if the trades both land in the money.
Cons: Hard to find the right setup unless the markets are very volatile.