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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 on opening could be of any size. it will not drop below zero though :)

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 ITM option if market will be moving fast and you'll not make follow-up actions. with calls (puts) only you'll likely to stay with twice as much naked...

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.