Offsetting by Ticks or Percentages
Offsetting is the process of having two orders placed in the market (a back and lay bet). The first order will be placed by you and is often called an 'opening bet', the second part is the 'offset' and this is automatically placed by Bet Angel using your predefined “offset” to create a potentially profitable trading position - If both orders are matched then you will make profit.
When offsetting you can specify either a number of ticks or a percentage you want to place your offset at.
There is three distinct ways of Offsetting, each will suit different strategies and scenario's so its a good idea to get familiar with all three so you can decide which will work best for what you are wanting to do.
1) Offset is placed at the same time as your opening bet - This requires that the Fill or Kill option be Unticked
2) Offset is placed only when your opening bet is filled - This requires the Fill or Kill option to be Ticked
3) Offset is placed only when your opening bet starts to get filled - This requires the Fill or Kill option to be Ticked and a number of Offset Batches to be specified
To see a some detailed examples please see this thread from our forum
Offsetting
An offsetting order is defined as performing the opposite function of your opening trade. If you back first to open a trade/position then offsetting will place a lay order in the market automatically, if you lay first offsetting will place a back order in the market automatically.
The offset can be in the form of a number of ticks or percentage from your 'opening bet'. To use 'Offsetting' you must first make sure you have activated 'Global Settings' for that trading screen. Then using the dropdown list in the top left corner of your screen select 'Offset Bet' and enter a number and chose weather you want to use ticks or a percentage.
The offset by ticks or percentage allows you to define how far apart your offset orders are. If you use an offset of one tick as in the image Bet Angel will place your opposing order at the next available odds that would generate a profit for you - so if you backed at 4.9 a lay bet at 4.8 would be placed for you.
Obviously, a one tick offset has a greater chance of filling than a ten tick offset but a ten tick offset will generate a greater profit, only practice will help you determine the best amount to use as an offset for your strategy.
Offsetting with Greening
There are certain situations in a market where you need to achieve a hedged profit across the entire book instantaneously, normally the process of placing orders and hedging are separate.
For example, you place two successful orders (a back and a lay) for a profit and you then 'green' or 'hedge' that profit with a third bet. The Offset bet with greening feature reduces this process down to just a single mouse click. You place the opening bet and the software places the offset bet with the amount required to 'Green / Hedge' up already calculated to ensure when the closing order is matched you will have a equal 'greened up' profit across all selections.
This function can be used at any time but it is particularly useful in running when prices move so quickly you are often unable to square off your positions and hedge your profit quickly enough.
In the following example an offset bet with greening at 10% has been specified. A back bet has then been placed at 3.4 for £10, the offset bet with greening has been calculated and placed 10% lower at odds of 3.05, notice the stake for the offset lay bet is different this time - that's because greening has been included as part of the calculation so if both are matched a profit of £1.15 on all selections will of been made without the need to do anything else.
In this final image this time using the one-click screen an Offset Bet with Greening at 25% has been set up with an opening back bet placed on 'Absolute Angel' at odds of 20.0, the offset bet with greening required has been placed 25% lower at odds of 15.0 and has been calculated to be £13.33 to green up the trade - if both orders are matched an equal profit of around £3.33 will be made no matter which selection wins.
Example
To see a detailed example of offsetting and offsetting with greening being used see this thread from our forum
Video Tutorial
