1.0.1 API-NG      
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Defaults

Once you have logged-in, the first tab that will open is the Defaults Tab:

Defaults

You can change these Default settings at any time, simply by returning to this Tab, adjusting the relevant settings and then clicking 'Save'.

The revised settings will then be applied to any subsequent Markets that you select, and they will also be the new Defaults the next time you run BBSchedule.

The Defaults are in two main groups:
General Options:
TestMode: At any time you can switch between Test and Transactional Modes by ticking or unTicking this checkbox.

If Ticked BBSchedule will be in TestMode will not submit any real Bets to Betfair. Instead it will simulate your Bets with Dummy Bets.

Dummy Bets simulate real bets pretty accurately. They respect all of your Stake Settings and Greening / Redding, Profit/Loss calculations and will also show Results.

Probably the only noticeable differences are that they don't simulate InPlay Delays, and, of course, they don't impact on your Betfair Balance, for better or worse. As such, TestMode is a very good way to familiarize yourself with the various interfaces, or to test out new strategies.

When TestMode is unTicked then BBSchedule will submit Bets to Betfair.
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When you switch between Test and Transactional modes, or make any other changes on the Defaults Tab, it is essential that you also click 'Save' for those changes to take effect on Markets that you subsequently open.

Alarm: If ticked, an audible Alarm will sound whenever a Bet is successfully submitted to Betfair (doesn't work in TestMode).

Virtual GreenUp: If you choose to GreenUp your Bets, then normally, as soon as an Initial Back or Lay Bet has been Matched, BBSchedule will submit a GreenUp Bet at a Price calculated from the Price of the Matched Bet +/- the number of 'Ticks' you have selected for GreenUp Bets and for the appropriate Stake, e.g: With a normal GreenUp that Bet would be submitted as soon as your Initial Bet was Matched, so 2.6 would be the lowest Price that your GreenUp Bet could be Matched at.

However, if you Tick 'Virtual GreenUp', your Lay Bet will not be submitted until the current Price has reached the GreenUp price (2.6), so there's a good chance that your GreenUp will be matched at lower than 2.6, which will increase your Profit, provided the GreenUp Bet is matched.

Like most things in Exchange betting it's a Risk/Reward trade-off: With a normal GreenUp bet you are almost certain to be matched if the Price reaches your GreenUp price, with a Virtual GreenUp, you may get a better price, but there's an increased risk that you won't be Matched.

Show Funds: If ticked your current Betfair Funds will be shown in the Header of Graph interfaces, and will update when a new Market is opened and when a Market you have Bets on is settled.

Ref/Sec: This is the number of calls per second that BBSchedule will make to Update your Markets once the Bet Time for each Race has been reached.

Before your BetTime for each Race the maarket will refresh all of your selected Races sequentially at somewhere between once every second and every 3 seconds, but at about 10 seconds before the BetTime for a selected Race its market will start to refresh on a new thread at your selected rate, e.g. 5 times per second, and will continue refreshing at that rate until the Race is finished.

It is a Betfair requirement that API-NG applications should not Refresh Markets any more than 5 times per second, so that is the Maximum number of seconds displayed on this dropdown.

Currently (1 March 2015) there are no data charges when using API-NG, but some form of data charge may be introduced at some time in the future, so BBSchedule gives you a warning if it is making more than 20 calls per second in total, and, generally it's good practice not to refresh more frequently than you need to.

There's an explanation of how the Betfair servers cache Market Data here, which explains why refreshing at faster than 5 times per second would be redundant.

Submit Bets at X secs pre-Off This is the number of seconds before the Schedule OffTime of the Race when BBSchedule will check to see if there are qualifying Bets for the Race, and Submit them if there are.

If you have chosen to Bet on Named Runners, BBSchedule will see whether the prices of those Runners fall withing your limits, and, if the do, submit Bets for them.

If you have chosen UnNamed favourites, BBSchedule will check to see which Runners are 1st, 2nd and 3rd Favs at this time, and, if their prices fall within your limits, submit bets on those Favs that you have selected.

Max Liability Per, Bet / Max Lay Price, Submit Bets for Min Stake (£x) when Stake < £x: These are your Safety Net... Use them!

Use Cross Matching: If selected will show the prices calculated by Betfair's cross-matching algoritm, if unTicked shows only prices offered by other Betfair Users.

Min Runners / Max Runners: Means just what it says, but is not necessarily the number of Declared Runnrs.

Since there will often be withdrawals of Runners between the time when you set BBSchedule running and your Bet Time for each Race, BBSchedule checks the number of actual Runners just before submitting your Bets, and, if the number of Runners has fallen to below your MinRunners setting, will not submit Bets for that Race.

Stop at Profit / Stop at Loss: Again, means just what it says. If the accumulated Session Profit or Loss falls outside of these limits, the Bot will stop submitting Bets for the remaining Races.

Market Mode:You can choose to Schedule and submit Bets into either the Win Market or the Place Market.

You can even Bet on the Win Market on one Tab (or more) and on the Place Market on another Tab(s).

Don't forget to click 'Save' after making changes to your settings to ensure that they are applied to Markets that you open subsequent to your changes!

Back/Lay Defaults:

The Back / Lay Defaults are where you set your default Back and Lay Stakes. and the Minimum and Maximum Prices at which your Back and / or Lay bets will be submitted.

You can change these on any Race Display so that you can set different Stakes and Greening / Redding parameters for different Races or for different Runners, but it's useful to set the Defaults here so that you have some 'reference' parameters.

As well as the actual Stake, you can choose whether the Stake should be submitted simply as a Stake or (for a Back) as a Target, or for a Lay, as Liability.

 BetStakeTargetLiability
Back£10 @ 3.0If Runner Wins: +£20; if Runner Loses -£10If Runner Wins: +£10; If Runner Loses: -£5 n/a
Lay£10 @ 3.0If Runner Wins: -£20; if Runner Loses +£10 n/a If Runner Wins: -£10; If Runner Loses: +£5.00


Also on the Stakes panel, you can choose whether your Bets should be submitted at the best Back Price, the best Lay Price or the LastMatched Price, and whether these Prices should have a number of Stake Increments (Ticks), added or subtracted, e.g.:

2.0 + 10 Ticks = 2.2
2.0 - 10 Ticks = 1.9


Setting a small number of negative Ticks (e.g. -1 or -2) for a Back bet and a smal number of positive Ticks for a Lay can help to ensure that your Initial Bets will be Matched at Bet Time, and often, because of 'Best Execution' your Bet will in fact be Matched at the initial price anyway.

Greening and Redding:




Here, for a Back Bet, if the Initial Back bet is £20 @ 3.0, then a GreenUp Lay Bet of £23.08 @ 2.6 will be submitted, and, if all goes to plan and the Runner's price drops to 2.6, then you will have a Profit of £3.08, whether the Runner wins or loses its Race.

If the Market moves against you and the Runner's price rises to 4.00, a RedUp Lay bet of £15.00 @ 4.0 will be submitted, and, provided it is matched, you will have a guaranteed loss of £5.00 whether the Runner wins or loses. Painful, but not as bad as the £20 loss you would have if the Runner loses and you have no RedUp bet.

The Lay Defaults in this example are sligtly different. Out Initial Bet is a Lay of £20, and we aim to GreenUp at 10 Ticks, but we don't want to RedUp (the Red Ticks are set to 'Off').

So, in this case, if our Initial Lay Bet is matched as £20 @ 3.0, a GreenUp Back Bet of £17.14 @ 3.5 will be submitted, and, if matched there will be a profit of £2.86 whether the Runner wins or loses.

However, sice we have no RedUp, if the Runner wins but its price rises to 3.5, then we will lose £20 * (3-1) = £40.
That my seem like a pretty gloomy scenario, but, in fact, if you are reasonably selective about your Races and Runners, then Laying runners just before start time and Backing them at a Reasonable number of Ticks higher can be quite a profitable strategy. It's quite rare for a Runner's price not to rise by at least 10 Ticks at some point during the Race.

If you're a bit hazy about Red and Green Bets or about the difference between LIABILITY, PROFIT and EQUALISE, you may find it helpful to try some examples using our 'Slider' calculator:    


Once you have Set and Saved your Defaults, it's time to select your Races, so ClickSchedule Races


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