Author Topic: Cancelling back bets  (Read 4528 times)

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Cancelling back bets
« on: Sat, 09 November, 2013, 10:04 »
Is there a way to cancel back bets?
For example the trigger conditions state the price has to reach a certain amount and when it does it places a back bet for a specified price into the market.

However if the back price drifts once it has met the conditions for the trigger is there a way to stop the back bet from being placed and then automatically matched at a higher price.

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Re: Cancelling back bets
« Reply #1 on: Sat, 09 November, 2013, 12:35 »
hi
you would use the trigger action
cancel then back

but betfair will always give you the best price available at the time of the bet been placed.
so if the trigger sends a bet out at 3.00 and the price drifts to 3.20, betfair would give you 3.20.


mcbee
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Re: Cancelling back bets
« Reply #2 on: Sat, 09 November, 2013, 12:37 »
Hi
It is a bit difficult without sight of your trigger to understand the context.

If you have submitted an unmatched back bet you have several actions to choose from:
cancel then back
cancel back
cancel all
cancel back then back at SP
etc.

If you have submitted a back bet and it has been matched:
fire in a lay bet to scratch the back bet
or distribute loss
or spread loss
and then resubmit your back bet

Remember you will always be matched at the best available price, so if you back at 2.00 and the current back price is 2.08, you bet will be matched at 2.08

If this is not what you want, please post your trigger file and will look again.
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Re: Cancelling back bets
« Reply #3 on: Mon, 11 November, 2013, 16:46 »
sorry this is probably a silly question but what is the difference between spread loss and distribute loss.

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Re: Cancelling back bets
« Reply #4 on: Mon, 11 November, 2013, 16:56 »
also is there a condition for a trigger for last back price matched by user.

for example last back bet matched by user was 4 or above.

So if the last matched was 5 the trigger fires

if the last matched was 3 the trigger doesnt fire

and if the current price is 6 but there are not matched back bets then the trigger doesnt fire.

thanks

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Re: Cancelling back bets
« Reply #5 on: Mon, 11 November, 2013, 17:36 »
what is the difference between spread loss and distribute loss.
Hi
Spread Loss eliminates the loss on the selection for a zero profit or loss on that selection. The loss is divided equally across all other selections (for a higher liability than using "distribute loss")

Distribute Loss divides the loss on the selection equally across all selections. It operates in the same way as greening-up but instead "reds-up" across all selections.
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Re: Cancelling back bets
« Reply #6 on: Mon, 11 November, 2013, 18:08 »
also is there a condition for a trigger for last back price matched by user.

for example last back bet matched by user was 4 or above.

So if the last matched was 5 the trigger fires

if the last matched was 3 the trigger doesnt fire

and if the current price is 6 but there are not matched back bets then the trigger doesnt fire.

thanks
Hi
By "user" I am thinking you mean selection?

Condition:
and selections trigger expression bm_backp is equal or greater than 4.00
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Re: Cancelling back bets
« Reply #7 on: Mon, 11 November, 2013, 18:15 »
Thanks for the help.

I applied for the free extension by 7 days for feedback. Do you know how long it takes to process that?

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Re: Cancelling back bets
« Reply #8 on: Mon, 11 November, 2013, 18:24 »
Hi
Spread Loss eliminates the loss on the selection for a zero profit or loss on that selection. The loss is divided equally across all other selections (for a higher liability than using "distribute loss")

Distribute Loss divides the loss on the selection equally across all selections. It operates in the same way as greening-up but instead "reds-up" across all selections.

On the distribute loss action on of the selections is based on profit %

I assume this actually means loss % as surely i wouldnt be distruting loss if I was in profit sorry if these questions are stupid I'm a rookie!

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Re: Cancelling back bets
« Reply #9 on: Mon, 11 November, 2013, 18:29 »
Thanks for the help.

I applied for the free extension by 7 days for feedback. Do you know how long it takes to process that?
I don't know. It should not take too long, but if you need to you can email [email protected]
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Re: Cancelling back bets
« Reply #10 on: Mon, 11 November, 2013, 18:33 »
On the distribute loss action on of the selections is based on profit %

I assume this actually means loss % as surely i wouldnt be distruting loss if I was in profit sorry if these questions are stupid I'm a rookie!
Yes - it is loss% i.e. the minimum loss% to activate distribute loss. So if you set it to 10 it will only distribute loss if the loss on the selection is 10% or greater.
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Re: Cancelling back bets
« Reply #11 on: Sun, 22 December, 2013, 16:39 »
Quote
but betfair will always give you the best price available at the time of the bet been placed.
so if the trigger sends a bet out at 3.00 and the price drifts to 3.20, betfair would give you 3.20.

This gives the most complete confirmation to me. So 20 minutes then.
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