Unfortunately if you trade deep OTM there is usually just you and the MM. The MM is obliged to make a market but no-one said anything about a 'fair' market, so they can do as they like. ATM or ITM there are usually other traders that create a fair market and in any case the MM has to play fair or he can be badly burnt if the market moves against him.
The other thing against deep OTM is that the bid/offer gap tends to be 10-20% apart so you're that far down the moment you enter the trade.
My personal belief is that trading deep OTM is a sucker play unless there is some compelling reason why a stock should move in a big way. It's roughly akin to betting the 150/1 shot in the Melbourne Cup except that there you only need to wager a fiver.
