Yep I would agree with that, the only problem is OTM would have to be pretty close to ATM for the strategy to be profitable. I've been backtesting a lot and the strategy is ok directionally but buying too far OTM drags my equilibrium point back under the profitability curve (see chart). No current universe, will probably determine one based on strategy.
if you're gonna just buy options and look for high leverage, you need to look at volatility skew and combine that with your directional bias... put skew = puts cost more than fair value and calls cost less than fair value, so if you buy a put or sell a call the odds are stacked against you... call skew = calls cost more than fair value and puts cost less than fair value, so if you buy a call or sell a put the odds are stacked against you... bullish on a stock with put skew? sell an OTM put or buy an OTM call.. bearish on a stock with put skew? run a put debit spread (not a call credit spread)... bullish on a stock with call skew? buy a wide call debit spread (e.g., buy the 85 delta and sell the 35 delta).. bearish on a stock with call skew? buy an OTM put... key point: if there's put skew and you sell an OTM put and buy an equidistant OTM call (and receive a credit on the trade), this is known as a risk reversal... the jist, options are priced based on probability of finishing ITM, so if you aren't considering the skew, your trades may have negative expected values...
In general for most of us retail traders, it is better to keep things simple. Since 2013, I made very good money with a very simple strategy: Using options as a leverage (instead of margins), betting that the underlying will appreciate much more than the cost of the options. Will it continue? In my opinion, no. Highest leverage options: Long DOTM, short duration calls/puts. But unless you have profound knowledge about the underlying, it is like buying a lottery ticket, your chance of coming out ahead is about zero. Butterflies are very interesting plays, you can set them up as bearish, neutral or bullish depending on where you put the belly/body. They can be set up as high probability or high leverage depending on the body width, you can combine multiple butterflies to take advantage of skew and microstructures.... However, because there are so many moving parts, it is not easy for some of us retails to win consistently.
A limit has not been fixed for the amount of profit you can make. You might be able to just double or maybe triple it too! It all depends on your skills as a trader and the amount of hard work you are ready to put up.