I usually pick a direction i want to bet, and buy far out of money option, and then buy other direction to protect the premium.
An example was SCMI on 4/22, bought 10 April26 800 call for only $5.5, and at the same time bought 3 near money put below 700 at $16 each. In this example, max profit will be made if SCMI trade up sigificantly. You still make money if it goes down