Completing a back dutch if one bet is unmatched
This is a short case study dedicated to uncompleted back Dutchings.
Suppose you place back bets on all selections in the market hoping that all of them will be matched and you will end up with profit. Sometimes it does happen (if it happens with you all the time, then don't read the remaining part of the article and accept my congratulations!).
However often all of your bets get matched except a single bet on a selection whose price started to fall. In order to complete the Dutching with zero or minimum losses acceptable, you can place a separate back bet, either manually or with a trigger.
Here is an example of the situation I am talking about:
All selections are with profit, yet the bet placed on "My Mate Mal" is not matched, and so it exposes you to a loss of £41.34.
Here are the options available in this case.
1. Place a stop-loss bet at the current price, which will be matched immediately. You will most probably have equal loss on all selections, yet it will be much less than the potential loss on that selection in case you don't do anything.
2. Place a bet at a price higher than the current one (by several ticks). The price might be lower than the one you originally backed at. This means it has more chances to be matched. Plus the P/L on all selections, including this one, will be zero (or close to zero). So if the bet gets matched, you will end up with zero P/L no matter what selection wins.
3. You can just match the unmatched bet at the current selection's price. As a result, its P/L will be negative (slightly "less negative" than the P/L without that bet), but all other selections' P/Ls will be positive.
I am giving you three triggers, each corresponding to one of the above options.
Needless to say that only one of the triggers corresponding with the appropriate option should be active at any time.
There is a trigger common for the first two options, it's called "index of a selection in profit". Do not delete or deactivate it. It is needed to find out the index of some selection with a positive P/L. That positive P/L is used for further calculations.
I've also included a trigger called "dutching - for testing purposes". It is inactive in the file, but you can activate that trigger to place the initial back-Dutch bets. It is convenient for testing the triggers for option 1 and option 2. For testing the option 3, run this trigger, then place a manual back bet at a higher price on the third favourite.
Here is a possible way the triggers will be betting:
Option 2: I have opened a betting interface to key in the figures to see the "what if" P/Ls. You can see that is the bet gets matched, the P/L of all selections will be close to zero. They can't be exactly zero because the price can only have a value within specific range (i.e. 9.2, and not 9.28).
Note: the triggers will work correctly only if you have just ONE unmatched bet.
Show P/L net of exchange commission
If you have this option turned OFF in "General Options", you will need to use a slightly changed set of triggers.
In that case right-click here to download the necessary file.