Yes you can. This strategy is know as Long Straddle. You can check this article on how they work
this strategy is called Straddle. you earn profit if there is a big move in the market in either direction.
Yes, you can, BUY both CE and PE of same Strike Price.
what is Straddle ?
Straddle is a trading strategy where one tries to benefit from extreme price movements irrespective of the direction. Indirectly it is buy/selling both call and put. Typically call and put are of same strike price and expiration date. When one buys both call and put, it is know as Long Straddle. When one sells, it is known as Short Straddle. Read this for further details