What Is the Maximum Profit Potential for a Long Straddle Using ATM Options?

The maximum profit potential for a long straddle is theoretically unlimited. Since the strategy involves buying both a Call and a Put, a massive move in the underlying asset's price in either direction (up for the Call, down for the Put) will lead to an ever-increasing intrinsic value for one of the legs.

The profit is the intrinsic value minus the total premium paid.