In this paper we present a strange stellar model using Tolman $V$ type metric potential employing simplest form of the MIT bag equation of state (EOS) for the quark matter. We consider that the stellar system is spherically symmetric, compact and made of an anisotropic fluid. Choosing different values of $n$ we obtain exact solutions of the Einstein field equations and finally conclude that for a specific value of the parameter $n=1/2$ we find physically acceptable features of the stellar object. Further we conduct different physical tests, viz., the energy condition, generalized TOV equation, Herreras cracking concept, etc., to confirm physical validity of the presented model. Matching conditions provide expressions for different constants whereas maximization of the anisotropy parameter provides bag constant. By using the observed data of several compact stars we derive exact values of some of the physical parameters and exhibit their features in a tabular form. It is to note that our predicted value of the bag constant satisfies the report of CERN-SPS and RHIC.
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