Hello,

My name is MegaWhale69. I have a solid background in NLHE, but am a fish in PLO. I am just starting my journey of learning basic PLO strategy and playing some microstakes on Ignition.

I'm planning to use this thread as a sort of blog to track my study, readings, and post some hand histories. I'm busy with school and work, but am hoping to post at least once a day.

The first book I'm reading is PLO: The Big Play Strategy by Jeff Hwang. My learning style is to summarize books into outline format, so it's easy to come back to and study in the future.

I just finished the first chapter, and wanted to post my outline. I don't think there's any copyright issue, because I am condensing/ summarizing the material. Anyone serious about PLO should buy the book because Jeff adds lots of explanations and examples that I'm leaving out.

I'm also very interested in joining PLO study groups. In particular, I learn the most by studying hand histories and thought-processes on each street.

My discord is megawhale69

Chapter 1: The Big Play Objectives

The difference between a good and great player is much smaller than the difference between a good and bad player.

Our goal is to hit: (1) The Nut Straight Freeroll; (2) The Nut Full House Freeroll; (3) Overfull vs Underfull; (4) Set over Set; (5) Flush over Flush; (6) Top Set Plus Draws; and (7) Dominating Draws.

(1) The Nut Straight Freeroll

Many big pots in PLO involve one or more players with a big straight draw or two players holding the same straight.

Nut straight + FD + BDFD + straight redraws + pair/ set is much stronger than just the nut straight.

We don’t want just the nut straight; we also want redraws. Proceed with caution when playing deep, especially on two-flush boards. (Unless you have a set for a full house redraw).

You should often just call, or even fold to a raise.

(2) The Nut Full House Freeroll

For example, if the board is QQJ, you would much rather have AKQJ than QJT9, because any A or K gives you a higher full house.

Bigger cards are inherently stronger than smaller ones.

(3) Overfull vs Underfull

Overfull is one of the most profitable hands in PLO, while underfull can be one the most expensive ones.

Two common situations:

(a) Pair on top: On 998 Board, Overfull is 98xx while Underfull is 88xx.

(b) Pair on bottom: On 988 Board, Overfull is 99xx while Underfull is 98xx.

Underfull usually wins a small pot or loses a big one.

(4) Set over Set

Middle and bottom set are often overplayed.

Even top set is only a small favorite or underdog against a strong draw.

Likewise, middle/ bottom set are often small favorites against big draws or major underdogs against bigger sets.

It starts preflop: Avoid playing small pairs.

Note: 77 is the smallest pair that can flop top set without a possible straight being present.

(5) Flush over Flush

It’s rare to stack your opponent flush-over-flush. Having an A blocker on a 3-flush board is a major advantage. Against major aggression, the second-nut flush is just a bluff-catcher.

(6) Top Set Plus Draws

Usually, if you flop top set and get significant action, you’re more likely up against a big draw than a smaller set.

A bare set is a 5:4 favorite against a 13-card straight draw. However, if the 13-card straight draw also has a FD and BDFD, the bare set is a small underdog.

Note: A set with the NFD is a favorite against even the strongest draws.

Therefore, while A2ss99 is less likely to connect with the flop than QJT9$ds, it’s still strong because it can flop top set + NFD.

Preflop, we want Pair + suited A or Pair + connectivity.

(7) Dominating Draws

It’s rare to win a big pot with flopped nuts vs flopped 2nd nuts. Most big pots involve draws.

Three situations:

(a) Dominating Draw vs Non-Nut Draw. Weak players make two mistakes. First, they pay to draw with weak hands. And second, they pay off big bets when their non-nut draw hits.

Dominating draw can win a small pot when Villain misses their draw and folds, or a big pot when Villain hits their draw and pays off a big bet.

(b) Freeroll on the Come. A straight/ straight draw is significantly weaker on a two-flush board, when you don’t also have a FD. First, you have fewer nut outs (because some of your straight outs also complete the flush). Second, you can easily be freerolled even if you hit your straight.

Mathematically, a 13-card nut straight draw + nut flush draw is only a slight favorite against an identical 13-card nut straight draw + pair + FD + BDFD. However, it is much stronger as stacks get deep.

Preflop: 3 straight cards + suited A has excellent playability.

(c) Dominating Pair + Wrap Draw. In general, a single pair is weak. However, pair + 13-card straight draw can be very strong. It can win even if the draw bricks out.

For example, on a T94 board, KQJT is a 4:1 favorite over KQJ5.

Preflop, it is very good when your pair also has connectivity. Having just 3 useful cards like KQJ2 is much worse than having 4 useful cards like KQJT.

Chapter 2: Basic Play and Key Concepts

Basic Play

Differences between PLO and Holdem: You must have two flush cards to make a flush. When the board has trips, you must have a pair to make a full house. It is easier to make a full house on a single-paired board than a double-paired board. When the board has quads, any pair beats A high.

If there’s $25 in the pot, villain bets pot, and you want to raise pot, first you call the raise (25+25+25=75) and then raise pot (75) for a total of $100.

Key Concepts

1) Your main goal is to win Villain’s entire stack, not necessarily the most pots.

2) Four cards in your hand is the equivalent of 6 two-card Holdem hands. By the river, each player has 60 possible 5-card combos. If a straight or flush is possible, it’s likely someone has it.

3) While starting hands are often close in equity, there’s a big difference between starting hands that are capable of winning big pots, especially multi-way. The best starting hands for big pots can flop big nut straights or set + straight draw/ nut flush draw.

4) Omaha is a flop game. More players tend to see the flop; it’s harder to make players fold pre-flop, and the flop is more likely to dramatically change each player’s hand values.

5) Our goal isn’t necessarily to flop the “best hand” - because equities change so dramatically on later streets. We want a hand that we can take to the river.

6) Only draw to the nuts, especially multi-way. Don’t try to draw to K-high flush, inferior set, or full house with bottom set.

7) The bare nut-flush draw is often not strong enough to get to the river. You don’t have the direct-odds to call pot-sized bets, and you have much lower implied odds when you hit your flush. You need a NFD + two pair, set, or straight draw.

8) Bare 8-card straight draws are trash. You rarely get direct odds to call. They are easily dominated.

9) Focus on quality of outs, rather than quantity of outs. For example, if you have T863 on a 972 board, you have a 17-out straight draw, which completes by the river 62% of the time. However, you’re a 3:1 underdog versus JT98 (top pair + 13-out nut straight draw) and JT86 (16-out nut wrap). The deeper the stacks, the more valuable are dominating draws.

10) Don’t slow play. For example, if you have 9877 on a 766 board, any overcard can give Villain a higher full house. Likewise, it’s possible Villain to completely miss the flop, but turn a massive draw with TJ76 on a K82 flop and 9 turn.

11) Position is critical in PLO. OOP bets more frequently (to prevent IP checking back for free). A check is more likely a signal of weakness. Additionally, when OOP bets into a multi-way field, that tends to signal strength.

Therefore, acting last is a major advantage: If everyone checks to you, you can often bluff with any two cards.

(MegaWhale69’s comment: Curious how strong this analysis holds up in the solver era).

Late position has an easier time playing medium-strength hands like AA, trips, two pair, underfull, and sets on draw-heavy boards.

Additionally, late position has better implied odds when he flops trips, has flexibility when he flops the nuts, and has more bluffing opportunities than OOP.

(MegaWhale69’s comment: Apparently, these concepts will be better explained in later chapters).

12) Build the pot early with your big hands and big draws. If you bet pot on the flop, you can bet 3x as much on the turn, and 9x as much on the river. If you check the flop, your river sizing is significantly capped.

This is true even for 13-out nut wraps, which hit by the river approximately 50% of the time.

13) You should play more straightforward in multi-way pots. For example, playing a T87 board heads-up, you may consider calling with two-pair or the non-nut straight. But in a 6-way pot, if early position leads out for full-pot, you must fold these hands.

14) Give your opponent credit for what he represents. For example, if Villain bets on a JJ3 rainbow flop, he is representing at least trips. If you call with just an overpair, you are in “triple jeopardy”: (a) you can call and be wrong; (b) you can call just to get bluffed on later streets; and (c) you can call just to get out-drawn.

If there’s a flush on the board, straights and two-pair should usually fold to aggression. If you bet with bottom/ middle set or two-pair and get raised, you’re often in bad shape. With middle set, you’re either a major underdog against top set, or a small favorite against a big draw. With two-pair, you’re toast against both.

You will not make much money bluff-catching in PLO, especially if you’re a beginner.

The Power of the Big Draw

Draws are more powerful in PLO than Holdem because they often have more equity, and because it’s harder for them to be priced-out due to bet-sizing restrictions.

Big draws have massive fold-equity, especially when stacks are deep and in-position. Even if you’re an underdog in raw equity, it’s hard for villains to call 3 streets with weak made-hands.

Additionally, big draws have more implied odds. If they miss on the river, they can just fold. However, big made hands will often pay off a big bet on the river.

Pot Odds vs Implied Odds

Straights often have big implied odds. But flushes less so, because you’re unlikely to get paid off. Likewise, sets don’t have much implied odds against flushes, because if the board pairs, they may not pay you off.

Straight draws are better because they are more disguised, and it’s easier to have a dominating straight over straight than full house over full house.

Additionally, another hand with strong implied odds is flopped trips with 3 overs, such as 9876 on a 665 flop. You can safely call, even if villain has a full house.

Thinking Ahead

The biggest decision in PLO is not made on the river. It’s often made on the flop. However, most players underestimate the importance of pre-flop.

The Fundamental Question in Omaha

The fundamental question in Hold’em is: “Do I have the best hand?” In PLO, it’s “Can I take this hand to the river?”

Who has the best hand is meaningless on the flop when there’s $25 in the pot. We care about who wins on the river when there’s $2000 in the pot. While naked Aces might have more raw equity, a 16-card nut wrap can make it to the river.

While hands often have similar raw equity preflop, there is vast disparity in playability after the flop, when stakes are deep, especially multiway.

Q987 can hit the sucker wrap on a JTx board - utter garbage. By contrast, QJT7 is much stronger as it can flop a 16-card nut wrap on 98x board. We want suited rundowns, or suited rundowns + pair.

While almost any hand can flop the nuts, very few can win big pots on the river!

Why no plomm but some outdated book?

Tbh, I'm brand new to PLO. My plan was to read this first, then Mastering Small Stakes by JNandez, then subscribing to PLO Mastermind. I'm finding Hwang's book useful just in terms of explaining how the hands work.

I realize this is a super small sample size:



However, there's a clear trend that my blue line is positive while my red line is negative.

Looking at my frequencies, everything looks normal, except I'm folding too much. (Fold 69% on the flop; 66% on the turn; and 70% on the river).



My logic is that most of these hands are multi-way, and my perception is that people don't bluff often in microstakes. But is it fair to say, I simply need to start calling more?

Are there other frequencies/ statistics I should look into?

You probably won't be making red line money in 6-max microstakes, so you should definitely not worry about that. Of the statistics I only understand numbers, dunno what this chart thingy is. You probably shouldn't mix stats from multiway and HU pots.

Based on what I see I don't think it's fair to say you should be calling more.

Fold to cbet should be under 50 unless you face only pot bets

Dont worry for the lines atm becauae you are playing many mw pots. Focus on your stats first

Rfi, fold vs rfi, 3bet, cbet and fold vs cbet. When you fix these you go on

I think Hwang's book is based off 9 or 10 person tables, is it not?

Take the base concepts of what hands are good and what hands are not, that doesn't change much.

A lot of his concepts although not irrelevant have had the ideas expanded and improved upon.

I would get the Jnandez as the preferred book over Hwangs.

Run it Once has a course called From the Ground Up: PLO Edition. Focuses on small stakes and is worth looking in to as well.

The chart is from PokerTracker 4. In theory, it's supposed to show the frequencies that winning players use, but I'm not sure if the data is reliable.

Are you aware of GTO frequencies for things like folding to c-bets in 6-max games?



Hwang doesn't specifically say his book is for full ring games, but I do think his advice is a little conservative. I'm finding it useful, but am also taking with a grain of salt.

I'm planning to move on to JNandez's book next.

Chapter 3: Straight Draws

In PLO, the majority of big pots involve either two made straights, or one big straight draw vs set or draw.

In Hold’em, 8-out straight draws are big; in PLO, they are trash.

First, they are easily duplicated. You are often drawing to a chop, and often being freerolled. Second, they are often dominated. Third, you rarely get good odds when villain bets pot. Fourth, 13 and 17 out wraps are the norm, and 20-out wraps are possible.

A 13-out wrap + FD or 17-out wrap are roughly even against a naked set. A 20-out wrap is a favorite.

13-out Wraps

These are possible on 4 types of boards:

1) Connecting cards, such as 982.

2) One-card gap, such as 972.

3) Two-card gap, such as 962.

4) Any two unique cards from T-K, including KQx, KJx, KTx, QJX, QTx, and JTx.

There are two ways to make 13-out wraps on each of these flops, but only one of them will be nutted.

For example: QJTx vs 765x on 982 board. JT8x vs 865x on 972 board. T87x vs 875x on 962 board.

16, 17 and 20-out Wraps

Nut 16 and 20-card wraps use all four hole cards, and two specific board cards. Your hand must have a gap. Three ways to make a 16-out wrap, and 1 way to make a 20-card wrap:

1) Three card rundown with two-gap at the bottom; QJT7 on 98x board.

2) Connectors with two single gaps at the bottom; QJ97 on T8x board.

3) Broadway nut wraps, including AKT9 on QJx board.

4) Rundown with two-gap in the middle; QJ87 creates 20-out wrap on T9x board. This is a favorite against a bare set in raw equity; however, it is easily dominated by KQJx.

Three-Card Wraps

Additionally, 17-out wraps are possible with 3 hole cards, such as JT7x on 982 board (11 nut outs); T76x on 982 board (7 nut outs); T86x on 972 board (7 nut outs).

Wraps with 3 Flop Cards

The previous flops were based on two specific cards - connectors, one-gaps, and two-gaps It’s also possible to have a wrap when three specific cards hit the flop:

9865 on T74 board (20 outs, 14 nuts); JT86 on Q97 (20 out, 14 nuts); JT86 on K97 board (20 out, 14 nuts); JT97 on Q86 board (16 outs, 16 nuts); J987 on QT6 board (16 outs, 6 nuts); J986 on T75 board (16 outs, 16 nuts); J986 on QT7 board (16 outs, 6 nuts); J976 on T86 board (16 outs, 10 nuts).

Big problem with hands like J987 - you really need to flop a T. It’s much better to have JT97 or JT87.

J986 - with single gap on top and bottom - is also dubious because it needs the perfect T75 for a 16 out nut wrap.

Likewise, J976 is abominable. It needs the perfect T85. It is easily dominated by QJ97. Problem with gaps at the top: They don’t flop enough nut outs. JT97, and 9865 are better.

The “Inside” Wrap

QJTx on K92 board is a 9-out nut wrap. Likewise, if the flop is A-Broadway-x, and you have the other three broadways; likewise A-Wheelcard-x, if you hold the other 3 wheel cards.

Playable Hand Structures

Connected rundowns like JT98 are excellent. Additionally, if you have gaps, it’s better if they are lower in the hand. JT97, JT87, QJT7, QJ97, and QJ87 are very strong.

Premium vs Speculative Drawing Hands

It is very easy to flop a wrap with a connected run down. And if you flop two pair, you also have an open-ended straight draw. By contrast, QJ97 is more speculative because it requires very specific cards to flop well.

Extrapolation

Don’t forget: Bigger is better. AKJ9 is much better than 7642, because it can more easily make top two pair, big full house, or big flush draw. Note: 5432 is not a playable rundown because it can’t flop a 13-card nut draw; A2x only yields 9 outs, and it’s impossible to flop a nut straight with redraw. Even 6543 is speculative because it requires 32x or 42x flop.

Top Gap Deficiencies

Top gaps aren’t ideal. The worse have two at the top, such as J876. This is trash, essentially a 3-card hand. It can flop a wrap on T9x, but only 7 nut outs, and easily dominated by KQJx. The only good two-gap at top hand is AJT9. KT98 is marginal at best.

One gap up top, J987 is much better. On flop 765 you have nut straight, but no redraw. It requires a flop 65x or T65 to flop straight draw + redraw. It’s not trash, but much weaker than JT97, with gap at bottom, or JT87, with gap in middle.

Hands like J986 are even worse, with gaps at top and bottom. J976 is very bad because it’s easily dominated.

Any four broadways, including A, is always strong, such as AQJT, because all straight draws are to the nuts.

Marginal Hand Structures

Only consider playing in late position. KJT8 is marginal at best. Two gaps at top should rarely be played, unless A high.

When There’s Two Flush on the Flop

Two-flush on the flop significantly devalues a straight draw, especially if you don't have two cards of the suit.

On a T92dd flop, AA43dd (Aces with nut-flush draw) is a 3:2 favorite over QJ87 (20-out wrap).

Importance of Being Suited

In general, you should almost never draw to a non-nut flush as your primary draw. However, having suited cards as backup can be useful:

a) Additional outs versus a set

b) Freeroll outs versus another straight

c) Escape outs when you are dominated by a bigger straight draw

d) Slim defense against nut-flush draw wheen you have a monster wrap.

Anytime you invest money pre-flop, you must be prepared to defend the pot with your entire stack. Having extra flush outs makes it easier to go all-in on favorable flops.

When the size of the blinds is small compared to the average pot (as often in PLO), you should be wary of playing unsuited draws. Wait for a better spot.

Domination and Duplication

Domination is when you have a straight draw that is drawing at non-nut outs, or when your straight draw is unsuited. You can hit your straight but still lose.

Duplication is when someone else is drawing to the same straight. This decreases the likelihood that you hit, and decreases your payoff when you do.

It is a huge error to draw to open-ended straight draws, because you are in danger of both domination and duplication. It is very easy to duplicate two cards, and they can often dominate you as well.

In multiway hands, duplication is even more common.

When JT doesn’t make the Nut Straight

In Holdem, JT always make the nuts. However, this is not true in Omaha when the flop comes KQx. If you hold JT98, a 9 or A will give you the nuts. However, if you hit a J, you’ll lose to AT; if you hit a T, you’ll lose to AJ.

AJTx completely dominates JT98.

The Third Board Card

When you flop a wrap, the third board card may devalue your wrap by making a higher straight draw possible. For example, if you hold 7642 on a K53 board, you have a 16-out nut wrap. But if the flop comes 953, a 6 or 7 doesn’t give you a nut straight, and 876x completely dominates you.

Chapter 4: Pre-Flop Play

Pre-flop sets up the rest of your hand. The three key questions are: What hands to play, when to play them, and how to play them pre-flop.

Starting Hands

Everybody knows the best starting hands in PLO are AAKK and AAJT double suited. Rundowns like AKQJ and JT98 are also nice. You should play hands with 4-cards that “work together” and avoid danglers.

While most starting hands in Omaha have similar raw equity, this isn’t true when considering implied odds in big pots. Every hand you play should be focused on winning big pots.

In mult-way pots, every hand is a drawing hand. Even AA.

As mentioned in Chapter 1, we are trying to flop:

1) Nut straight + Redraws

2) Overfull or top set + other draws

3) Big nut straight draws

4) Nut flush or nut flush draw

5) Any combo of the above.

A good starting hand uses all 4 cards, and can hit the flop in multiple ways. We’ll discuss six groups: (1) Big Cards and Ace-High Broadway Wrap; (2) Straight Hands; (3) Suited Ace Hands; (4) Pair Plus Hands; (5) Aces; and (6) Marginal Hands.

Big Cards and Ace-High Broadway Wrap

In general, any hand with 4-broadways is a premium drawing hand, especially if suited. Any four cards 9 and higher are usually playable - they are all premium draws, except KJT9.

Ace-High Broadway Wrap hands - any four-cards 9 and higher, headed by an Ace - can make big nut straight draws. They include AKQ9; AKJ9, AKT9, AQJ9, AQT9, and AJT9.

Straight Hands: Rundowns and Wrap Hands

Any perfectly connected rundowns from AKQJ to 9876 have excellent potential. Smaller rundowns from 8765 to 6543 are more speculative. 5432 is not playable.

Hands with wrap possibilities have at least a single gap, or two single gaps or a double gap. We prefer when gaps are at the bottom, and when the top two cards are connected. A single gap at the bottom is fairly strong. A middle gap, like QJ98 is a bit weaker, but still decent.

Hands with two single gaps at the bottom, like 7642 and QJ97, and double gaps at the bottom, like 7652 and QJT7 have the potential for a 16-out nut wrap. However, they are still very speculative because they require two perfect cards on the flop. The odds of hitting those perfect two cards on the flop are 1:25. But they still have very big-pot potential.

Likewise, two gaps in the middle, like QJ87 has 20-out straight possibilities. However, they are still very speculative, because even when they flop the perfect wrap, they can still be dominated by a 13-out nut wrap.

Hands with two-gaps at the top should usually be avoided, with the lone exception of AJT9.

Suited Ace Hands

Three basic categories: (1) Suited A with straight cards; (2) Suited A with offsuit pair; (3) Suited A with two Broadway cards.

The very best of Suited A with straight cards is sequential rundowns, like A987. These are excellent multiway, as they can flop top two pair + NFD; two pair + open-ended straight draw + NFD; or 13-out nut wrap + NFD.

Playable hands in this category run from AJT9 down to A654. A543 isn’t worth playing, as it can’t flop a 12 or 13 out nut straight draw.

The next best of Suited A with straight cards is rundowns with a single gap, like A875 or A865. These can flop 13-out straight draw + NFD. However, the downside is, half the time when they flop a 13-out straight draw, it will be non-nutted.

For example, if you hold A875, a 64x board gives you 13-out nut wrap, but 96x gives you non-nut wrap. Playable hands in this category go from AQJ9 down to A653 and AQT9 down to A643.

Note that two bottom gappers (AJT7 down to A652) can flop 17-out wraps. AQT8 down to A652 also has this potential, but is easily dominated and less playable. Double gaps up top, like A854 has sucker-wrap potential.

A suited A with offsuit pair is speculative but has very strong big-pot potential. A set + NFD is a favorite over even the strongest draws. Ideally, you prefer for the pair to be offsuited to the suited A, as this increases the possibility that you flop a NFD when you flop a set. (Half the time when you flop a set, it will be the same suit as your suited A.) Recall that big pairs are better - especially 7 and up.

While most players will play any double suited A with a pair, Hwang prefers for his pair to be offsuit. (You’re less likely to flop a non-nut FD, but more likely to flop a set + NFD).

The last category is Suited A with two Broadway cards. These can flop a 13-out Btoadway wrap draw + NFD. These are so strong, it’s okay to have a dangler. It’s better to have a wheel-card dangler, like AKQ5 than AKQ7. The danglers still make them speculative, so you prefer to see the flop cheaply.

Pair-Plus Hands

The smaller the pair, the more important it is to have backup with straight-cards or suited A. The biggest straight draw with an A on the flop is a 9-out straight draw; a K-high flop can produce a 13-out straight draw; a Q-high flop can produce a 16-out nut straight draw, while J or T can produce 20-out wraps.

Therefore, even pairs like QQ, JJ, or TT are not “premium” without backup, because you are often against big wraps. A hand like QQ93 rainbow is virtually trash. However, QQJT double suited has strong potential, as it can flop top set with straight draws. Pairs with connectors, like 7655 or 9987 are also strong, because when they flop sets, you’re also likely to have straight draws. They can also flop a nut straight with a set for a full-house redraw.

Double paired hands 8877 or QQ99 are also playable. You’ll flop a set 21.4% of the time. However, the downside is that while they can flop well, they don’t have strong backup. KK33 is playable because of the KK, but 4433 is easily dominated and shouldn’t be played.

AA Hands

Top set is a favorite over all but the biggest draws. Additionally, when you flop a set of Aces, you’re less likely to be against a big wrap draw than when you flop a set of Jacks.

That said, unless you get all the money in pre-flop, AA is still a drawing hand in PLO. The quality of AA depends greatly on the side cards. Unsuited AA83 is still speculative, especially multi-way.

Key features in AA hands:

(1) A suited A, or two. Double suited Aces flop a NFD 24% of the time.

(2) Broadway cards. These give wrap potential.

(3) Connectors. AA87, especially when suited, is very strong.

(4) Second pair. The second pair increases the probability of flopping a set.

Three categories of Aces:

(1) Speculative. These include all unsuited AA, as well as AA with just a single suit and nothing else.

(2) Premium. Double-suited AA, or single-suited AA with Broadway Wrap potential (AAJT), connecting sidecards (AA87), or second pair.

(3) Magnum. UItra-premium Aces include double-suited AA with Broadway Wrap potential, connectors, or a second big pair.

Marginal Hands

Marginal hands include 3 Broadway cards with one dangler, or big pair with useless sidecards. For example, KQJ5 or QQ73. Likewise, suited AA without any backup.

AJ76 single-suited is marginal because it has nut straight potential, but AK32/ A532/ AK42 single suited are virtual trash because they make too many sucker straights.

Marginal hands should only be played in late position.

Hand-Strength Classification

Four categories: (1) Premium; (2) Speculative; (3) Marginal; (4) Trash.

Premium

Magnum AA hands; big double pairs, four single-suited Broadways, suited perfect four-card rundowns, suited rundowns with a single bottom gap, four cards 9 and higher headed by a suited A (Broadway Wrap hands), and big pairs with suited and connecting cards, like QQJT double-suited.

Speculative

Speculative hands require specific cards to flop well. But when they hit, they are monsters. For example, QJT7, QJ87, and QJ97. Also, smaller pairs with suited connectors, like 9877, suited A with straight sidecards, suited A Broadway Wrap hands with danglers, and speculative AA hands. These hands prefer to see the flop cheaply, when stacks are deep.

Marginal

These include suited 3-card hands with danglers, big uncoordinated pairs like KKxx, QQxx, JJxx, weak suited A, and unsuited rundowns.

Trash

Everything else. These hands lack potential to flop the nuts with redraw, a big draw, or anything useful. 9752 can flop a wrap, but is easily dominated. K422 is trash, because you will either win a small pot or lose a big pot.

The Miracle Flop Test

If you flop 3 perfect cards, but are still in rough shape - you fail the “Miracle Flop Test.” To pass the Miracle Flop Test, you must be able to flop the nut straight + redraws, or top set + nut flush draw.

It’s better to play speculative hands (they hit infrequently, but flop monsters) than marginal hands (they hit more frequently, but are easily dominated).

Chapter 5: Post-Flop

PLO is a flop game. It’s often the case that both players will have enough equity to get it in on the flop. This usually happens with set versus big draw. Our goal is to win the max with our big hands and lose the minimum with our sucker holdings.

Basic Rules

(1) If you have it, bet it.

(2) If you have a big nut draw, “bet it like you have it” until somebody else says, “I have it.” Then re-evaluate your options.

These two key rules are 50% of PLO. The rest of the game is played on the margins. In marginal situations, the player in late position has every advantage. First, it’s harder to bet into a crowded field from early position. It’s easier to bet in late position after everyone else shows weakness. Second, the player in late position wins bigger pots and loses smaller pots in marginal situations. Finally, the player in late position has other “tricks” to win smaller pots.

Size of the Bet

In general, Hwang recommends betting and raising full pot on the flop and turn, unless the board is paired or a flush is possible. Hwang prefers using a single-bet sizing to avoid giving bet-sizing tells, and because draws are powerful enough to justify a full pot size bet. With big draws, you want maximum fold equity.

MegaWhale69’s note: I think much of the advice in this chapter is outdated, so I’m going to move on to new materials.

Mastering Small Stakes PLO by JNandez

Chapter 1: A Modern Approach to Poker

What is GTO?

GTO is an equilibrium, non-exploitable strategy. Our goal is to learn patterns and principles from solvers.

The GTO Framework

A baseline GTO strategy helps us make better exploits.We should be cautious of playing maximum exploitation strategies, because we can be wrong and are easily counter-exploited.

GTO in Practice

Joey Ingram once asked Ben86, “What separates the top 10 PLO players in the world from the top 100, and what separates both groups from the top 1000?” Ben86’s answer was:

(1) The Top 10 players have the strongest fundamental understandings of GTO, allied to an understanding of how to exploit.

(2) The Top 100 have the same basic knowledge, but their skill level and execution is lower. Within this category, there is a subset of exploitative, intuitive players (like Isildur1). They are great at exploiting, but suffer from massive variance.

(3) If everyone’s playing a cat-and-mouse exploitation game, some will be better exploiters than others. But both will be crushed by a solid GTO strategy.

Playing by intuition isn’t a recipe for long-term success. The power of GTO is: You cap your downsides. You’ll avoid massive variance.

(MegaWhale69’s comment: While playing GTO minimizes expected losses, I don’t think it necessarily minimizes variance.)

GTO Versus Weak Opponents

(1) Understand baseline GTO

(2) Identify Villain’s leaks

(3) Exploit

(4) Cap your downside, by not over-exploiting

Chapter 2: Preflop

Preflop Equity in PLO and NLHE

There are 270,725 starting hand combos in PLO, compared to just 1,326 in NLHE.

In NLHE, Aces has 81.5% equity against QJ suited. In PLO, AAKK double suited only has 63% equity against J976 double suited. However, just because equities are closer doesn’t mean you should play looser.

Difference Between Equity and EV

Equity is the raw odds of winning at showdown. However, raw equity doesn’t take into account equity realization. Equity realization factors in future bets.

Situational factors, like position, opponent tendencies, and number of players may allow you to over-realize your equity in PLO.

Equity Distribution

What is Flop Equity Distribution?

Flop equity distribution is the equity of specific hands across all possible flops. For example, if we compare KKxx vs AAxx, there are about 15% of flops where KKxx has at least 75% equity; but then it quickly drops to below 40% equity in the remaining flops. This is a “rough” equity distribution: Against Aces, Kings does very well on some flops, but very bad on others.

If you know you’re against Aces, you shouldn’t call a 4-but with Kings.

Flop Equity Distribution of Other Hands

Should you call a 4-bet against Aces if you have 8765 double suited? Yes, because the equity distribution is very “smooth.” There is a smooth drop in equity from the best to the worst flops, meaning it flops well frequently. You’ll be able to call a c-bet frequently, which allows you to realize more equity on future streets.

Hands with rough equity distributions want to see flops cheaply, similar to “set mining” in NLHE.

Additionally, hands with smooth equity distributions, like double-suited rundowns, have higher “visibility,” meaning it’s easier to know if we’re ahead.

Stack-to-Pot Ratio

What is SPR?

Postflop decisions depend on equity, position, and SPR. The smaller the SPR, the less equity needed to stack off.

With SPR 1, it takes 1 full pot bet to GII. With SPR 4, it takes two full pot bets to GII. With SPR 13, it takes 3 full pot bets to GII.

In SRP, SPR is usually 8-9 when heads up. SPR is usually 6-7 in multiway pots. In 3-bet pots, SPR is usually 3.5-4 heads up, and around 2 multiway.

SPR and Stacking Off

SPR 0.5: 25% equity needed. SPR 1: 33% needed. SPR 2: 40% needed.

However, sometimes calling is better than stacking off, especially when in late position, as it allows you to use your positional advantage.

When SPR is around 5, you shouldn’t be routinely stacking off on the flop.

In multiway pots, you should tighten up as well, even when SPR is low, because you’re more likely to run into a stronger hand.

Additionally, if SPR is higher, you will have more fold equity, so you can bluff raise with less raw equity.

Studying Preflop Strategy

Nine categories: (1) Unpaired single-suited; (2) Unpaired double-suited; (3) Unpaired rainbow, (4) One pair single-suited; (5) One pair double-suited; (6) One pair rainbow; (7) Two pair single-suited; (8) Two pair double-suited; (9) Two pair rainbow.

Double paired hands are extremely rare: Only dealt about 1% of the time. Single paired hands: Dealt about 30% of the time. Remaining 69% is unpaired hands.

Unpaired Single-Suited

51.8% of hands fall in this category. High cards are key. Don’t overvalue hands with low suits and low rundowns, because they’re easily dominated.

Suit Types

Hands with 4 of the same suit (monotone) are much worse than 2 of the same suit, because you block your own outs. It’s also better to not block higher suits. ATssKQ is better than AKssQT, because it’s easier to get paid off by the second nuts.

Avoid monotone and trip-suited hands, because you have fewer flush outs, and are less likely to dominate a weaker flush.

Double-Paired

Their main strength is the ability to flop sets. High pairs are key.

Nuttiness and Calibration

Nuttiness refers to often you make the nuts. This is key in multi-way hands. By contrast, smoother hands like QT76 double suited are less nutted, but perform better heads up, because they connect more with lots of flops.

Context and Calibration

A876 single-suited prefers calling from the button, because you prefer playing a muliway pot with high SPR. By contrast, QT76 double-suited prefers 3-betting from the button, because it’s less nutty and prefers playing heads up. It still does well against bigger pairs.

Calibration

We calibrate BB defending range based on how many players are involved, and those players’ preflop ranges.

EP raises and gets two callers. On the button with AJJ3 single-suited, we call. We are nutted because we can flop the nut flush/ flush draw, and top set, or nut straight draw.

If the hand is only suited to the Jack, we’d fold because it’s not nutted enough. However, if it’s double-suited, it’s strong enough to 3-bet to hopefully isolate.

If you’re game is loose, you should calibrate your preflop hands for nuttiness in multiway pots. Most of your money will come from dominating weaker hands.

EP raises and gets 3 callers. If we hold J987 singled-suited, we fold. This hand is not-nutted, so it won’t perform well in a multiway pot. Our opponents can easily dominate us with KQJT or AJT9. The gap on top severely devalues our hand. In low rake games, you can maybe call in late position if you’re heads-up, or open from late position.

Preflop Sizing

Winning the Blinds

Most pre-flop opens should be to the pot. Our goal is to win the blinds and avoid rake. Winning the blinds every hand would equate to 150bb/100 winrate. The best online crushers are winning about 5 to 10 bb/100, while the best live players can win 20 to 40 bb/100.

Maximizing EV

Raising full pot also allows you to build a bigger pot when you have a strong hand. Especially in live games, players will call a full pot-size bet regardless of what they hold. In these environments, you should raise full-pot with nutty hands.

Common Mistakes with Raise Sizing

(1) Open-raising too small. You should always open to pot.

(2) 3-betting too small

(3) Open-limping.

Exceptions: In PLO tournaments, sometimes you can open-raise smaller or open limp. Stacks are much shallower, and you want to protect your tournament life by minimizing variance. Additionally, rake isn’t a factor in tournaments, so you have less incentive to avoid flops.

Ah. In general, the problem with trying to "perfect" your own stats is the fact that the way others play influence it very much. I do not know what a general GTO freq for folding to cbet is even, because I don't think it is important. I have a good feeling of what hands I should continue with in most spots and I think that is way way more important.

True, I know NLHE preflop strategy based on studying charts, but don't know the exact frequencies.

But I think GTO frequencies are useful to double check that your intuition is correct.

Folding rates will differ based on the board, bet size, number of players, etc. But in the long-run, I believe GTO will eventually deviate to a specific frequency. And if in the long-run, your frequencies don't match GTO, then you aren't playing GTO.

I'm not saying your instincts are bad. But as a new player, it would be useful to know if I'm folding more than GTO over a certain sample of hands.

What exactly does the stat "fold to cbet" mean? If it doesn't take the number of the players or position into account, it's a very generalized stat that I would mostly ignore. If people in your game play a very abnormal strategy your fold to cbet stat should not be "matching GTO" at all. In general I don't think you should even try to "match GTO", your should try to learn concepts and then implement them into your game as best as you can.

Its good to know theory, mostly for understanding how different ranges work and use that knowledge to exploit, not to copy.
But many regs get too obsessed with trying to play gto and forget to play poker.

I mean, i dont care at all if my frequencies don't match optimal.
I start my thought process from villain and specific situation, if i dont have any infos then think about population, if that dont help then think gto.
But many regs go gto>population>villain and often dismiss ingame information that maximizes EV.
These are the "gto prisoner regs" who never fold top of range even when its obvious how bad the call is vs specific villain.

Thanks for the outlines Dude.

No problem! It's a good way to help me learn the material, and I'm happy if it can also help others.

Chapter 3: Preflop Ranges

First-in Raiser

Baseline Strategy

At 100bb deep, 6-handed, the following RFI frequencies define GTO baseline strategy: EP opens 19%; MP opens 23%; CO opens 31%; BTN opens 48%; SB opens 35%.

If the players behind you are aggressive, you should open less. If they are loose and passive, you should focus on nutty hands.

Rule of thumb: Aces is roughly 2.5% of all hands. KK and QQ are also roughly 2.5% each. However, you’re not opening all KK and QQ from every position. KK72 rainbow is usually a fold, unless you’re on the Button or SB. QQT2 single-suited is usually a fold before the CO.

If your hand is disconnected, it needs a very strong suit or high-ranking cards to be open-raised. The exception to this rule is Aces, because you can profitable 4-bet and still dominate Kings and Queens.

It’s also a mistake to open-raise low ranking connected hands, like 9875 single-suited. Especially multi-way, they are easily dominated. For example, you can flop two-pair + gutshot straight draw on 984 flop. But if you get action, you’re often dominated. QJT8 is much more playable.

Cold-Calling Fundamentals

This section is specifically about cold-calling open-raises in position.

Frequencies and Positional Awareness

The closer you are to the BTN, the more you can cold-call. Against an EP raiser, you should cold-call 4.8% in MP; 7.2% in CO; and 15.7% on the BTN. Notice that you’re 3x more likely to cold-call on the BTN than MP.

Additionally, when in position, your calling frequency increases and 3-betting frequency decreases. From MP against an EP raise, you should call 5% and 3-bet 5.2%. However, from the BTN against EP raise, you should call 15.7% and 3-bet just 3.5%.

Most players don’t understand this. They like to 3-bet from the BTN because you have guaranteed position. In reality, you prefer keeping SPR higher when in position. By contrast, MP and CO have more incentive to push out the BTN and gain position.

Middle Position Versus Early Position

If you call, there are 4 players left to act. Very likely you will play a multi-way pot, so nuttiness is crucial. You’re looking for high-suits, strongly connected hands, and high pairs. Usually you need a combo of these.

Examples: AJT2 double-suited. You have high suits and high card connectivity.

AK52 double-suited. This has less connectivity, but two high-suits. It should call.

7654 double-suited: When the cards are low, you need extreme connectivity. You want rundowns without gaps.

ATT2 double-suited. This is nutty enough to call, with suited A and broadway pair.

Button Versus Early Position

Here, the pot is less likely to go multiway because MP and CO have folded. Additionally, you have guaranteed position. We can focus more on playability with less need for nuttiness. Examples of hands that aren’t good enough to call from MP, but can call from the BTN:

QJT2 double-suited: Good connectivity and suitedness, but lacks nuttiness.

KQJ6 double-suited: Same story. The dangler 6 is a big weakness.

7654 trip-suited. Excellent connectivity, but low cards and trip-suited. It can call from BTN, but fold from MP.

QJJ2 single-suited. Okay connectivity, okay pair.

Main Takeaways

As we get closer to the Button, we call more and 3-bet less, because we use our positional advantage post-flop. From earlier position, we focus more on nuttiness. On the Button, playability is more important.

3-Betting Fundamentals

3-betting is critical in PLO, because so few players ever fold. Massive 3-bet pots are critical to winrate.

To Call or 3-Bet

When you 3-bet, you will often play heads-up. At 100 BB, 3-bet SPR will be around 4, which means we will often play for stacks.

When cold-calling an open raise, we’re more likely to play multiway.

Positional Advantage

When SPR is lower, the OOP player has less of a positional disadvantage, because it’s easier to get stacks in on the flop or turn. They can avoid playing the river OOP. The river is a very tricky street in PLO, because the nuts often change - which makes playing OOP difficult.

Reasons to 3-Bet

Our goal in 3-bet pots is to dominate weaker hands. We want them to hit a small piece of the board, and be forced to stack off.

Ideally, we want to flop top pair and high flush/ straight draw, and dominate middle pair + weak flush/ straight draw.

Two main reasons to 3-bet:

(1) 3-bet to Push an Equity Edge: We want to build a bigger pot when we’re ahead. Use hands like AAxx, AKKx, and AQQx. Additionally, double-suited high cards, and Broadway cards/ pairs. These are the top 3.5% of our starting hands.

(2) 3-bet for Better Playability: These hands often have smooth equity distribution. They are non-nutted, so don’t do well multiway. We want to isolate. These include non-nutty high double-suited rundowns. They still need to be fairly high cards to dominate lower cards.

Realizability

We want to pick hands that are ready to stack off on lots of flops. Hands like 8765 double-suited are very smooth, and connect with lots of flops. This hand is at the margin - we should 3-bet from MP to isolate, but call from the BTN.

3-Betting for Value

Here, we want to build a pot with a raw equity advantage. By 3-betting, we also give our opponents the chance to 4-bet.

Additionally, hands like Aces do better with low SPR. It’s easier to stack off with a NFD, or at least have enough equity when villain has pair + draw. In single-raised pots, Aces might have to fold before reaching showdown.

Additionally, consider AA93 trip-suited. This hand doesn’t do amazingly well in a 3-bet pot because it lacks suitedness and connectivity. However, it does even worse in a multiway pot. With bad Aces, we want to 3-bet to make sure we can isolate.

Finally, we should 3-bet more often if we have fold equity.

3-Betting for Playability

Our main goal here is to isolate and play heads-up with non-nutty hands. For example, if we hold QJ98 double–suited from the CO, we want to isolate the EP raiser and avoid a multiway pot. Multiway, we’re more likely to be dominated by a higher-suit.

Facing a 3-Bet

We have three options:

(1) We can 4-bet. This is mainly done with Aces, some AKKx, and double-suited A-high rundowns.

(2) We can call the 3-bet. Very often, our EV in the hand will be negative, but still preferable to folding.

(3) We can fold. We should fold our hands that are badly dominated by villain’s 3-betting range, and lack equity realizability (ie. hands that have to check-fold often). These include big pairs that are dominated by Aces, or high cards that don’t have extra backup (aren’t double-suited or strongly connected).

Most people never fold to 3-bets, but this is a mistake. If we raise from EP and BTN 3-bets, we should fold about 19% of our range, depending on rake, your opponent, and stack depth. In high-rake environments, we should fold closer to 30%. In a time-based live structure, we can fold about 9% of the time.

When open-raising from CO, if BTN 3-bets, we should fold about 31% of the time. This is because a BTN’s 3-bet vs CO open range is theoretically stronger, because BTN is supposed to call more to leverage position.

On the other hand, if you open BTN, and SB 3-bets, you should only fold about 17% of the time, because you’re in position, and SB’s 3-betting range is wide.

Key Concept #1: Position

Position allows you to realize more equity. You can get more value from strong hands, decide whether to take a free card, and have more bluffing opportunities. For this reason, you can call more 3-bets when in position. Out of position, you need to fold more often to 3-bets.

Key Concept #2: How to Play Aces Versus 3-Bet

At 100bb, you should 4-bet Aces 100% of the time. You want to put more money in the pot pre-flop. Aces prefer low SPRs, because you can shove on more flops.

Once you get over 150bb, you want to flat some 3-bets with Aces that have less playability.

Key Concept #3: Single-Suited vs Double-Suited

You should call 3-bets much more with double-suited than single-suited hands. Double-suited hands are more “smooth” and thus do better on more flops vs AAxx. You want to avoid flopping top pair without backup because you’ll often be crushed against Aces.

You can still call 3-bets bets when single-suited, especially in position. Out of position, you should fold single-suited hands much more.

Key Concept #4: Playing Pairs vs 3-Bet

Pairs need to be very well-connected or double-suited to call a 3-bet OOP. Pairs are likely to be “rough,” meaning they are often crushed against Aces on most flops.

For example, KKT2 does poorly against Aces on most flops. Other hands that should fold to 3-bets: KKQ4 single-suited; KTT6 single-suited.

Hands than call 3-bets out of position: KKQ4 double-suited; 7665 single-suited.

Key Concept #5: Ace-High Suits

Ace-high single-suited hands can often call 3-bets. However, trip-suited A-high hands should often fold (AKQ4 trip-suited), and single-suited non-A-high hands should also often fold.

Key Concept #6: Double-Suited Rundowns

Double-suited rundowns and double-suited big pairs with A-blockers can often 4-bet. It’s important to 4-bet with more than just AAxx. Other examples of 4-bet hands:

AJJT double-suited, AKK3 double-suited; QJT8 double-suited.

Facing a 3-Bet at 200bb

You fold less to 3-bets at 200bb, both IP and OOP. The main reason: It’s harder for the 3-bettor to stack off on the flop when playing deep.

OOP Deep as the Preflop Caller

Deeper stacks means you can check-call on more flops, and realize more equity OOP. At 100bb, the 3-better can bet pot and force you to fold single-pair hands.

Additionally, at 200bb, the 3-bettor’s pre-flop range will be wider. Finally, at 200bb, RFI ranges are slightly tighter, meaning the IP 3-better will c-bet less often and with a smaller size.

IP Deep as the Preflop Caller

This happens when you open from the button and are 3-bet by one of the blinds.Playing deep, your positional advantage is much stronger. Therefore, you can call with most of your range.

Your 4-betting range should be very small, because you prefer playing post-flop. Now, the OOP 3-better has a bloated pot with high SPR.

Limping

Should You Open Limp in PLO?

No. In PLO, rake is high, so you want to win pre-flop. There are exceptions for tournaments, or time-raked games. In these games, it can be profitable to limp when short-stacked, as it allows for higher SPR, and you don’t have to fold as much to raises.

Exploiting Limpers

Most limpers in cash games are recreational players. They usually play wide preflop and make many mistakes post-flop. It is very profitable to isolate these players.

In general, you should isolate limpers with a range that is tighter than your RFI range. This is because limpers almost always limp-call open raises, so it’s harder to steal the blinds preflop.

In general, you should use the open-range from one position earlier per limper. On the BTN against 1 limper, use the CO RFI range. Against 2 limpers, use the MP RFI range.

MegaWhale69’s comment: This makes sense because we lack fold equity against limpers. But don’t we want to play more hands against ranges we crush, when they will make massive mistakes post-flop?

Over-Limping

Over-limping with weak hands is not recommended, because you’re guaranteed to play multiway. A “small mistake” can easily compound into a massive one. You will often be dominated, forced to fold, or lose at showdown.

You can consider over-limping when in SB. However, you need a decently strong hand. In general, strong hands prefer 3-betting OOP to reduce SPR; but this doesn’t work against many limpers who will never fold.

Reasons to raise wider against limpers: If you are deep, or have a read and know they are super wide. On the other hand, raise tighter against limpers if they are very aggressive or tight.

Defending the Big Blind Versus One Opponent

Fundamentals

Here, you know you’re going to play a heads-up pot OOP. You need 33% equity to call a pot-sized open, if you don’t have to make any decisions on future streets. However, we need to take equity realization into account.

Hands that are double-suited and connected realize more equity because they can continue on more boards. It’s much better to defend the BB with 7654 double-suited than JJ72 rainbow.

Some people believe it’s profitable to defend the BB with any hand. However, this is a big mistake. Weak-disconnected hands not only have less raw equity, they realize less equity because they rarely make it to the river. Being out position in the BB makes equity realizability even worse.

Against an EP raiser, you should defend very tight in the BB. You can defend around 50-60% against a BTN open.

Exploitable Adjustment

If opponent is very aggressive post-flop, you want to play tighter preflop, so you will have a stronger range and can defend more post-flop.

Big Blind Defense Versus One Opponent

If you are defending the BB against a single-open raise, you should defend with a frequency that is slightly higher than your opponent’s open-range. For example, if EP raises 18% of their hands, you should defend with 25% from the BB. If the BTN opens 50%, you should defend with 50-60%.

The Influence of Rake

In high rake games, fold more; in low rake games, fold less.

Common Small Stakes Mistakes

Don’t defend too much with single-component hands, like disconnected A-high suited; unsupported medium-high pairs; rainbow Broadway hands, and double-suited disconnected trash.

Just having a suited Ace doesn’t justify always calling pre-flop against a single-raiser. The suited A is more valuable multiway because it is nutty, but less valuable heads-up against a single-raiser. Against a single-raiser, you need other components like connectivity, high cards, or a pair.

3-Betting from the Big Blind

Defending the BB, you are already heads-up, so there’s no reason to 3-bet hands to isolate. Therefore, your 3-betting range should focus on high-equity hands, such as double-suited high cards.

Exploitative Tips

If a player is opening wide, you should exploit him by 3-betting wider. Don’t call wider with marginal hands that struggle to realize equity.

Examples

6532 double-suited looks pretty, but should fold from the BB against a BTN raise, because it’s easily dominated.

97AT single-suited (to the 9) should call. While it isn’t suited to the A, this is a heads-up pot, so playability is more important than nuttiness. Fold against multiple opponents.

AA84 rainbow has 62% equity against a BTN RFI range, while KQTT has 59% equity. However, you should call with AA84 and 3-bet with KQTT. KQTT has more realizability, while weak Aces struggle more to get to showdown.

Defending the Big Blind Versus Multiple Players

In low stakes, you’ll often face an open raise and multiple callers. The BB is supposed to fold much more when facing multiple players than just 1. Many people call more because they think they’re getting “better odds.” However, multiway, you need a nutty hand to dominate your opponents. You don’t want to call with a weak, dominated range.

Against multiple opponents, you need an even stronger hand to win. Against more than 2 players, you should play even tighter. Your hands must be very nutted. Most of your profit in PLO comes from winning big pots against dominated hands.

Squeezing from the Big Blind

When the BB faces a CO open and BTN cold-call, the BB should fold 65%, call 27%, and 3-bet 8%.

Consider: (1) How many capped ranges are in play? (2) Is my hand double-suited, nutted, well-connected, and/or blocking Aces? and (3) Can my hand call a 4-bet?

The more cold-callers, the lower SPR will be. Therefore, your squeezing range should be very “playable” to stack-off against multiple opponents when SPR is low.

Squeezing Components

The more components you have, the more you can squeeze. Being double-suited, connected, and nutted is very powerful. It’s very easy to stack off on many flops against multiple opponents.

Also, if you can’t call a 4-bet, squeezing is less attractive. It’s very good to block Aces.

You hold AKK2 trip-suited in the BB against an MP open and CO and BTN cold-calls. This hand should squeeze. You block Aces, and are nutted with KK and suited A (although trip-suited). It can dominate lower pairs and lower suits. It also prefers playing in low SPR, where it doesn’t need to flop a set to stack off. However, when facing a 4-bet, you should fold because it does very poorly against Aces.

You hold AK75 double-suited in the BB against an MP open and CO and BTN cold-calls. This hand is nutted with suited A and K, and blocks Aces. It doesn’t have good connectivity, however, it can still squeeze. However, if you just face an EP open, you should just call. It should also fold to a 4-bet.