I have a feeling that Alan did $.37/($.37+$1.56) which is slightly wrong because the bettors not winning any money when he wins via fold. I only think that because that comes out to defending ~80%.
The calculation should be $.37/$1.56 which means we need to defend 76.3%.
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How do you calculate MDF? 37 divided by 230?
We're looking from bettors pov. We need to take the answer of 37/156 (.237) and subtract that from 1. 1-.237=.763 which makes us want to defend 76.3% so villain doesn't auto profit.
You're looking at what the pot odds tell us to call.