Best Chain Lube for a bike that is stored outside?

I have personally converted to waxing, but my daughter just went off to college and of course the bike racks are exposed to the elements. What is the best method of keeping a drivetrain functional if it gets rained on multiple times per week? Could this be an actual use case for not stripping off the factory grease?

I had an old bike that stayed behind a garage and I used Chain Saw Bar Oil and that chain lasted years and enjoyed a rust-free retirement.

Or maybe something like Smoove?

Wax and water?