Use a #4(#5 with Olympic) deep tint base paint. Do not tint, use straight from the can---it will dry clear. I would test to be sure, however as every brand may not be the same.

I have seen several experienced finishing folks recommend this.

Fine Woodworking (? I take out a lot, might have been something else) magazine just did an article on this, best overall was Epifanes marine varnish. Sorry, I just returned the magazine to library. But it was not the most recent issue, probably July?

Here is a link that might be useful: Epifanes Clear Varnish

I have learned to take finishing articles from Fine Woodworking with a large grain of salt. Some are good, some are terrible.

Just a few notes on Epifanes. Expect to spend about $40 a quart for it. You will only be able to find it at boat shops and suppliers (Jamestown Distributors is one mail-order source.) Expect to put on lots of coats and commit yourself to annual maintenance.

"Teak Oil" is simply any concoction that a manufacturer wants to blend and call it that. It could be type of oil, varnish, and/or thinner, but you can bet it is not natural oil extracted from a teak log.

You also have option 5: Do nothing and let it naturally age. Teak and ipe' age particularly well.

Here is a link that might be useful: outdoor finishes

Article did say 7 coats, $45/quart. I didn't catch annual maintenance, though they did say any penetrating oil finish (Watco was tested) would require more like monthly renewal and looked as bad if not worse than bare wood. Esp. in CT (humid and freezing - worse than the New Mexico sun).

I'm wondering if I can talk my parents into ipe or cedar deck - they hate struggling with solid color stain on pressure-treated every year, plan on replacing it next year.