'Reverse' Offset

[vynmarius]

Hello,

Im looking to do something that I can only describe as revers offsetting.

in a B2L trade the usual way to close out is by a rule that stating that, if the green-up price hits a value then, place a closing bet in to hedge up. This method has the problem of the price passing you by. I need to have already place my bet in position

Is there a rule I can use for automation to place a bet at say 50% lower than the BSP and that it wont immediately go to the best available price ?

I thought by using offsetting and a negative figure could work but it has not.

Thank for any insight on this.

[jimibt]

hi there, unless i'm missing something obvious in your question, then the acceped way to do this is by placing an offset bet at 50% of your entry point. if it were a BTL and your odds were 3.00, then the lay would be placed at 1.5 odds. being a lay, this would ONLY get filled when the proce reached here, thus wouldn't get filled immediately on placement.

as i said, i've possibly misunderstood your scenario but this is the standard approach...

[vynmarius]

Thanks for the response Jim,

I understand to place the bet at half the odds, however when I have tried to make automation work, the second bet is placed however it has been matched at the current market price. however I may need to revisit this due to setup error.

In guardian should I be using 'close trade' or 'place a back bet/lay bet' for the second bet?


Cheers,

[jimibt]

so -based on your question, I've created a couple of screenshots that cover 2 scenarios:

Scenario1 - Place a back bet at 50% BSP and place the offset at 50% of THE BACK BET PRICE (this sceanrio requires a condition also that says that the back price of the selection is 50% less than BSP):

perc1.PNG

Scenario 2 - Place a back bet at current price and offset the lay bet by 50%

perc2.PNG

I think this should do what you're after, without resorting to greening up etc... tho still not sure if i've grasped the nettle here!!

[vynmarius]

Jim, that is a great help,

Well explained, I have got that set up now.

I'm actually doing a lay to back test and using the second bet as a liability reducer if the horse wins or it closes the trade if it does lose.


Thank you.

[vynmarius]

I have tried this now but I cannot firth the condition for 50% under BSP I only see (ticks or odds) and as before the second bet is being matched at the best available price.

[Dallas]

If your wanting to back at lower odds than the price currently is (or lay at higher) then a bet can't be placed in advance - Betfair will match it at the best price as soon as it hits the markets.

The closest you can get is to trigger a bet when 'X' price is reached as in the example below
viewtopic.php?f=52&t=18727

[vynmarius]

Ahh, ok thank you Dallas!