It seems to me that buying deep in the money options (call or put) with no premium, but just after the ones with premium would be a long-term winning strategy.
Why? A move in favorable direction would be at Delta – 1 while a move in the other direction would decrease delta, so the same quantity of move would create a greater gain to upside (of the option, not the stock) than it would cause a loss to the downside, especially with a decent move.
In other terms, the gain in premium would…