Direxion Daily Junior Gold Miners Index Bull 2X Shares (JNUG)

[CowBoE]

It can work if JNUG/JDST trades within a range and there is enough
movement within the range and you are in intraday "scalping" mode vs.
hitting a "home run" over multiple days or weeks as both will decay
in value.

I occasionally do something similar with both call/put options
for FDA approval pending stocks just before the announcement
because after the report is released, one side becomes 100% loss,
and the other side can pop several hundred to over 1000%.

So if you gain 300% on one side but lose 100% on the other,
you still net 200%.

But market makers know this trick, so they often inflate the
implied volatility to raise the option premium, and then flatten it
after the results to reduce the payout.

Going back to your strategy, rather than just buying both at the same
time, look at the trading range in the last 2 to 3 days, and buy
each direction at separate time.

And use stop limit outside that range, just in case the it breaks out
of the range.