Exchanges - Spread

[ShaunWhite]

Here's a test for you experts.

From the following log data can you guess whether I 'offered' or 'took' the following bet
and did I use 'Best Market price' or Reverse Market Price' and was it +ev or -ev

04/08/2023 14:03:45: [G_Auto 1] : Store Value (Shared) for Buford: BP1 = 1.24
04/08/2023 14:03:45: [G_Auto 1] : Store Value (Shared) for Buford: LP1 = 1.29
04/08/2023 14:03:45: [G_Auto 1] : Store Value (Shared) for Buford: LTP1 = 1.29

04/08/2023 14:03:45: [G_Auto 1] : £ 1.87 Back bet placed on Buford at 1.07. Fully matched at 1.24

I guess that was a bit of a difficult test for all you experts. There doesn't appear to be any clues in the 'log' data to say whether you have 'taken' or 'offered' a bet

You placed it at 1.07 so I guess it was taking? But didn't Burford go of at about 17/2, so I suppose it was inplay and could have been anything. The logs don't give you much info, it's only to the nearest second and the market could have changed 50 times in that time period.

[Bobajob]

Here's a test for you experts.

From the following log data can you guess whether I 'offered' or 'took' the following bet
and did I use 'Best Market price' or Reverse Market Price' and was it +ev or -ev

04/08/2023 14:03:45: [G_Auto 1] : Store Value (Shared) for Buford: BP1 = 1.24
04/08/2023 14:03:45: [G_Auto 1] : Store Value (Shared) for Buford: LP1 = 1.29
04/08/2023 14:03:45: [G_Auto 1] : Store Value (Shared) for Buford: LTP1 = 1.29

04/08/2023 14:03:45: [G_Auto 1] : £ 1.87 Back bet placed on Buford at 1.07. Fully matched at 1.24

I guess that was a bit of a difficult test for all you experts. There doesn't appear to be any clues in the 'log' data to say whether you have 'taken' or 'offered' a bet

You placed it at 1.07 so I guess it was taking? But didn't Burford go of at about 17/2, so I suppose it was inplay and could have been anything. The logs don't give you much info, it's only to the nearest second and the market could have changed 50 times in that time period.

Looks like you are the one and only expert Shaun.
What I'm actually trying to work out is if you place a 'back' bet at 'reverse market price' is that 'offering' the bet to the market and is 'placing' a back bet at 'best market price' 'taking' a bet ?

[lotora]

That's correct!

[ShaunWhite]

Don't overcomplicated it with 'best' and best reverse etc..... Taking is simply matching with an existing unmatched bet, and offering is placing a bet that is unmatched on arrival. What was best or reverse best a second (in-play) before your bet hits the matching engine doesn't matter as it will have changed. Even pre-off your bet is taking iro 160ms to arrive which is approx 10 updates.

Ie matched on arrival vs unmatched on arrival.

[Bobajob]

That's correct!

Good, agreed
04/08/2023 14:03:45: [G_Auto 1] : £ 1.87 Back bet placed on Buford at 1.07. Fully matched at 1.24

The above 'back' bet was placed at 'Reverse market Price' which the 'log' file doesn't make any reference to'

So my suggestion is the log file should say 'offered' instead of 'placed' when placing a bet at 'Reverse Market Price' as below

04/08/2023 14:03:45: [G_Auto 1] : £ 1.87 Back bet offered on Buford at 1.07. Fully matched at 1.24

[ShaunWhite]

That's correct!

Good, agreed
04/08/2023 14:03:45: [G_Auto 1] : £ 1.87 Back bet placed on Buford at 1.07. Fully matched at 1.24

The above 'back' bet was placed at 'Reverse market Price' which the 'log' file doesn't make any reference to'

So my suggestion is the log file should say 'offered' instead of 'placed' when placing a bet at 'Reverse Market Price'

04/08/2023 14:03:45: [G_Auto 1] : £ 1.87 Back bet offered on Buford at 1.07. Fully matched at 1.24

You don't know if it's offered or taken until it hits the matching engine. The log already says matched or unmatched on arrival. You can try to offer or take, but which it is depends on the state of the market when it arrives later.

If you "offer" a back bet at 2.5 and it falls over half a second later then you'll probably "take" 500/1.

[Bobajob]

Don't overcomplicated it with 'best' and best reverse etc..... Taking is simply matching with an existing unmatched bet, and offering is placing a bet that is unmatched on arrival. What was best or reverse best a second (in-play) before your bet hits the matching engine doesn't matter as it will have changed. Even pre-off your bet is taking iro 160ms to arrive which is approx 10 updates.

Ie matched on arrival vs unmatched on arrival.

Yes, totally agree.
I 'offered' a bet at 1.07 which got fully matched at 1.24 at the same time (sec) according to the log.
If i'd 'taken' the bet it would probably have still got matched at 1.24.
So who knows ? - and you cant do any analysis in the log because it doesn't make any ref to 'offered' or 'taken'
I rest my case

[Bobajob]

That's correct!

Good, agreed
04/08/2023 14:03:45: [G_Auto 1] : £ 1.87 Back bet placed on Buford at 1.07. Fully matched at 1.24

The above 'back' bet was placed at 'Reverse market Price' which the 'log' file doesn't make any reference to'

So my suggestion is the log file should say 'offered' instead of 'placed' when placing a bet at 'Reverse Market Price'

04/08/2023 14:03:45: [G_Auto 1] : £ 1.87 Back bet offered on Buford at 1.07. Fully matched at 1.24

You don't know if it's offered or taken until it hits the matching engine. The log already says matched or unmatched on arrival. You can try to offer or take, but which it is depends on the state of the market when it arrives later.

If you "offer" a back bet at 2.5 and it falls over half a second later then you'll probably "take" 500/1.

Yes but it would be helpful to know whether it was originally 'offered' or not

[ShaunWhite]

Yes but it would be helpful to know whether it was originally 'offered' or not

Can you log a stored value or signal that you set depending what you're doing?
But surely you know what it's trying to do already.

[Bobajob]

Yes but it would be helpful to know whether it was originally 'offered' or not

Can you log a stored value or signal that you set depending what you're doing?
But surely you know what it's trying to do already.

You probably could but it would be a bit 'Heath Robinson' especially if testing a complex strategy - not ideal

[Dallas]

Yes but it would be helpful to know whether it was originally 'offered' or not

Can you log a stored value or signal that you set depending what you're doing?
But surely you know what it's trying to do already.

You could set a stored value text named 'offered' or 'taken' based on where that rule is set to place the bet, but I don't really see what help it would be for the reason pointed out above

Also like Shaun said earlier it sounds like you are over complicating something and you won't know if you've offered or taken a bet until it hits the exchange

All you need to look for in your log is whether it was matched or unmatched when it arrives in the market
matched = taken
unmatched = offered

Even if you placed it at 10th best reverse price (which would be offering the bet at the time of placement), by the time it reaches the market the price may have moved and you get fully matched therefore you've taken the bet

and it's up to you which you want a partially-matched bet to mean

[Bobajob]

Yes but it would be helpful to know whether it was originally 'offered' or not

Can you log a stored value or signal that you set depending what you're doing?
But surely you know what it's trying to do already.

You could set a stored value text named 'offered' or 'taken' based on where that rule is set to place the bet, but I don't really see what help it would be for the reason pointed out above

Also like Shaun said earlier it sounds like you are over complicating something and you won't know if you've offered or taken a bet until it hits the exchange

All you need to look for in your log is whether it was matched or unmatched when it arrives in the market
matched = taken
unmatched = offered

Even if you placed it at 10th best reverse price (which would be offering the bet at the time of placement), by the time it reaches the market the price may have moved and you get fully matched therefore you've taken the bet

and it's up to you which you want a partially-matched bet to mean

The dynamic duo strike again ( Dallas/Shaun )
Brilliant - well explained - now fully understand
Thanks