How does the function: When the market is turn in-play your unmatched bet will be cancelled
Posted in Strategies by Hamid
Hi Stefan,
Today I used the bot "Place a bet and close position", I filed up the bot criteria like this:
"AtlnPlayCancelBet" to True
"StartFromTimeEnabled" to true
"StartFromTime" 00.39.00
At the beginning the Bot acted as I wanted, 39 minutes before the event start the Bot Placed the bet ( the Bot did it at 18.51.13 and The event start at 19h30 or 18h30 London hour)
At 19.30 the event start but the bot didn't cancel my unmatched bet
Around 19.31 I decided to cancel manually (I mean directly from the Betfair web site)the unmatched bet.
At 19.31.50 the bot placed again the same bet..so I cancelled again with the betfair web site
Finally I decided to close the Bot activity.
How it comes that the Bot "knows" that the market will start in 39 minutes and acts as i want but when the market is turn in-play nothing happens?
Thanks
Tuesday, January 06, 2009
Your screenshots you sent me by email
Tuesday, January 06, 2009
Well Hamid, I do not operate on this type of markets, but I do not think these markets are turned at in-play. What is in the market information is following:
AtlnPlayCancelBet must be set to True for all markets which does not support keep bets attribute, so all markets which are not in-play markets must this parameter set to True, as you did. You also set the parameter: AllowPlacingBetInPlay to False, what means if that market is really turned at in-play the bot will stop its activity at the moment the market is turned at in-play.
The betfair says: “At no time will Betfair cancel unmatched bets.” What means that in your current settings bot will leave unmatched bet on the market at the moment the market is turned at in-play.
If you wanted the bot to close your position at preset time you should use the parameter: ClosePositionAt, with this setting as we already discussed it on another forum article you posted, if some parts or all opening bet was matched the bot will place the closing bet at best offered odds to close your position by hedge bet. If your opening bet will be fully unmatched the bot will cancel bet without placing any closing bet, as simply there is nothing to close.
The bfexplorer reads all betfair data from betfair web services (betfair API) so also knows an event/market start time, when market is turned at in-play or suspended if it is not the in-play market.
If your bot is still active and you cancel your bet manually by betfair web page or directly in the bfexplorer using the My Bets or Trade the Market window, as the bot is still active it will continue to do its job, and will place your bet again on the market, have a look at on my screenshot, I cancelled my unmatched bet and bot placed it again three times I did so.
If you want to stop the bot activity and cancel all unmatched bets on the selection use the command Stop and Cancel you can find in the main toolbar or in the Trade the Market window. In the main toolbar there are also two options under the Stop Bot icon you have got possibility to set the Stop Bot command behavior by setting one of two commands: Stop All on Market or Stop All on Market and Cancel Bets.
In the Start Page where is listed all activity, you can stop and cancel all bets on a market in the My Bots group selecting the market and clicking on the context menu (right mouse click) item: Stop bot/s and cancel all unmatched bets.
Wednesday, January 07, 2009
Hi Stefan,
1/ The market you refer to in the beginning (Will WallSt30 be Up or same or Down on the week?) is not the right one. I bet on the "hourly Wall street" Like :
"Will WallSt30 be Up or same or Down for the hour at 16.30 UKT? The market will be settled based on the price change of WallSt30. The price change will be measured using today's first 15.30 price stamp taken from Bloomberg, and then today's first 16.30 price stamp taken from Bloomberg."
So the market turn in-play at 15.30 and close at 16.00
2/ You suggest me to use the parameter "the parameter: ClosePositionAt". But i am not satisfy by this parameter because it closes the position at a current offered price ( you can not say "close position at odds 1,8 or better but if such odds is not offered DO NOTHING )
3/ BFexplorer offers in his Bot the following parameter:
StartFromTime (the bot will start placing bet from this time before the even starts)
and it works perfectly.
Can't you propose also this parameter (especially for "place bet and close position", "place bet" and auto trader)?:
StopFromTime .....and the bot will stop the bot and will cancel unmatched bet.
Why is it so important that the bot stop before the market start? Because like almost alls markets it works differently before it turn in-play and after.
I think such parameter will be really helpful.
Thanks and sorry for this long letter.
Wednesday, January 07, 2009
Is it a trading aproach?
Hi Hamid, It seems we do not understand each other. Nor hourly or weekly WallSt30 market is an in-play market at betfair. The in-play market is the one managed by betfair and at event start betfair suspends such market and cancel all unmatched bets, then turns it at in-play, this is important information.
The question is what you actually want to achieve on this WallSt30 markets? Do you trade on them? If you trade then the result of trading is closing position at profit or loss, but not leaving the opening matched bet with full liability. The purpose of trading is to hedge your liability.
If your opening bet is not matched then this bot cancels all unmatched bets, but not otherwise. If you want to place a bet closing your position immediately after the opening one is fully matched, you can use parameter:
PlaceBetImmediatly setting its value to True
The place bet and close position bot is the trading bot, as I explained earlier closing its position by three different ways.
If you want to make a special type of bot, I can do so but these services are not for free. I offer bespoke solutions development when betting or trading solution is built according to customer specification.
I do extend functionality of any bfexplorer product when I see that from such features will benefit more users of bfexplorer products.
Wednesday, January 07, 2009
Hi Stefan,
You are right, WallStreet markets are not "in-play markets", Betfair doesn't cancel the unmatched bets when event start.
"The question is what you actually want to achieve on this WallSt30 markets? Do you trade on them?"
I trade on this market but I use 2 strategies. One before the event starts and the other during the event.
So I need to use 2 different Bots: One before the event starts and an other during the event.
My problem is about the first Bot (before the event starts) which should stop and unmatched bets should be cancel before the event start.
It is why I need a parameter like this: StopFromTime
As "StartFromTime "(the bot will start placing bet from this time before the even starts) works I suppose that the reverse parameter could work ? Am I wrong?
Last time you suggest me to close my position but I prefer to let an open position than to place a bet with a very bad odds (Because this market is not so active as a Premier league Football market is.
Thanks for you patience.
Thursday, January 08, 2009
Hi Hamid,As those markets are not in-play markets you can use the Place bet and close position bot in the second step of your strategy, where you set the acceptable odds range and odds difference at which you want to close your position in profit and setting the parameter PlaceBetImmediatly to true. This bot setting will place your closing bet at the profit position if the opening bet is fully matched, then it is just question if your bet is matched or not.
To program your solution exactly as you want to, is not a question of couple hours of my work but days, I program such solutions as yours only as a bespoke solution, so if you want to go this way write exact specification and I will quote it.
I cannot help you now, just suggesting you to use features the bfexplorer offers.
Thursday, January 08, 2009
Hi Stefan,
My specifications are "simple" (I Am kidding I know nothing is simple)
I would like to have "Auto trader bot" and " Place a bet and close position" with a special parameter I call it "StopFromTime".
This paramater will allow me to STOP the bot and to CANCEL all unmatched bet at a time I can determinat ( by exemple X secondes before the market start)
About the price: How much will it cost?
bespoke solution ...means I sould pay montly for Bfexplorer + Bespoke solution?
Could you answer me on my private mail?
Thanks
Thursday, January 08, 2009
A bespoke solution
I build bespoke solutions only for bfexplorer pro subscribers, so you will have to pay your subscription for bfexplorer pro, simply because you need full transactional betfair api access and even betfair does not offer it for free, it cost 200 BGP per month if you want to use it for personal use:
Personal Subscription Full API
And of course you need to pay for my work on such bespoke solution, on your project. I will contact you by email.