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I am sorry but I don't feel I have anything interesting to say on this topic. Approximating multiway ranges is a hard problem[...]
I didn't mean to ask about multiway, just need clarification about method.
I'm trying to build preflop ranges for various 6 max spots where the pot is heads up on the flop by using aggregated reports and looking at hand EVs.
What is the correct process for determining a rough estimate of a defending range?
Example: IP open, BB defense-
-Assign IP an open range and BB a cold call range, leaving out the hands that BB will 3 bet.
-Review the report and look to defend the hands that have EVs equal to or higher than the cost to call, and add a few based on variables like opponent strength, reads, realization, etc.
Some have said that if the hand EV is above 0, it's better than folding, but I assume we have to account for additional risk. As the BB in 2 bet pots, we will need to win back 2 bb in EV if IP's open size is 3x, 1.5bb if 2.5x, etc. I also assume that we should build the trees with starting stacks for each different size used, even if it's the same spot.
For 3 bet pots, we will need to win back our additional risk (3 bet size minus 1 bb) in EV.
I have gotten some surprising results so far doing this for two spots. Am I doing anything wrong?