Rust-Oleum makes a product called Restore, which is a thick, tintable stain similar to a paint. It is considered a deck resurfacing product. It leaves the texture of the wood visible but not the wood grain itself. It must be heavily applied in order to get the best results. It can also be expensive as one gallon only covers 25 square feet. Behr makes a similar product called Deckover while Olympic's product is called Rescue-It. Since these products are so thick, they are difficult to remove if you decide you don't like it.
Another alternative is to stain the deck. Stains soak into the wood rather than cover it, so they don't peel like paint. There are many different shades of stain available to choose from. Typically, stained wood needs to be covered with a sealant to make the wood water repellent. This helps protect the wood from warping and cracking. It also helps prevent mold and mildew from making unsightly marks on the deck. Stains and sealant can be removed fairly easily by power washing.Learn more about Outdoor