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Showing content with the highest reputation on 03/27/17 in all areas

  1. 3 points
    The Grand Exchange Explained this guide is going to attempt to explain how the GE (Grand Exchange) works internally, as a merchant its important to understand this as it can help you snag great deals in chaotic market shifts. These concepts apply to both OSRS and RS3. This post is based on a old forum post on the official Runescape forums, however its been edited to apply to OSRS and the Exchange API this website runs on. What is the Grand Exchange? The Grand Exchange or GE for short is a simple trading system, every item bought or sold on it comes from another player. Supply and demand are entirely determined by the player base. Before the GE players would have to spam the chat box to sell or buy items and would often be paying too much for an easy to obtain item, after the community complained about websites rigging item prices Jagex came up with a solution we know as the Grand Exchange today. How are buy and sell offers matched? Its helpful to imagine the GE as a 'stack' of buy and sell offers, here is an example of players selling items for more then what people are offering to buy them at... Sell @ 40k Sell @ 38k Buy @ 36k buy @ 34k For sake of this example, I'll call this item "Dark Bow". Now suppose a 5th player comes along and wants a Dark Bow right away? She places an offer for 100k. What happens? Well the offer is matched with the lowest sell offer that is available -- 38k -- She gets her 62k back and gets the Dark Bow. Note that the buyer got the cash back here--it is because he/she placed the most recent offer here. Okay this is the 'stack' now: Sell @ 40k Sell @ 38k (completed) Buy @ 36k Buy @ 34k Now what if someone try's selling a Dark Bow right away? The GE just like with the buy offer gives the best possible offer at that time. This means that his offer will be matched with the highest buy offer (36k) and he will get 36k cash for the Dark Bow. Now the stack looks like this: Sell @ 40k Sell @ 38k (completed) Buy @ 36k (completed) Buy @ 34k Again, consider how the seller got extra cash because his offer is the most recent offer... How does the GE prioritize offers? Okay. Let's return to the original example. Here is the stack again: Sell @ 40k Sell @ 38k Buy @ 36k Buy @ 34k Suppose another player places a buy offer in @ 36k. Sell @ 40k Sell @ 38k Buy @ 36k, Buy @ 36k Buy @ 34k Now someone sells a Dark Bow for 30k. Who gets the sword? Most likely, the original 36k offer gets completed. In the event of an exact tie in price, the older offer is prioritized. The level of priority given to an older offer is influenced by how much older the offer is. Offers that are days older will receive near absolute priority, while offers that are placed around the same time might split about 75%/25% in favor of the older offer. So offers placed around the same time at exactly the same price roughly take turns. This creates an issue when items are worth MAX cash stacks, as it creates a line up that forces players out of the GE and onto the streets to buy items, such as party hats in RS3--placing a max cash offer might mean you'll need to wait months in line before someone's sell offer makes it to you. Think of it as getting a stub at a deli, you're number 23 in line, and the sign says its number 20's turn... Margins We should all understand what a margin is, its the difference between the lowest sell offer and highest buy offer, at any given time. In our stack example the margin is 2k (38k-36k=2k) Margins are useful in some cases, however not every item can be used to check margins in practicality. Check out the margin calculation page Low Volume Another phrase commonly used by people buying and selling items is "low volume." What does that mean? Ok, well, again suppose we return to the stack. Sell @ 40k Sell @ 38k Buy @ 36k Buy @ 34k This item would probably be considered low volume if these were the only offers in place. This is because there are very few items being sold, and very few people buying. What this means is that the margins can shift a lot if someone buys or sells one of the items. Note that if someone sells 1 bow, the margins increase to 38k-34k = 4k. That's double the previous margin. Some items become increasingly low volume overnight US eastern standard time, since fewer people are online to buy and sell them. This can be a good time to leave in some "lowball" offers -- snag these items very cheaply, and then resell them much higher later. (I'll be making another post in the future about 'Market Times') You may have to wait a while to sell low volume items, even if your offer is the best one currently in the GE. Inactive Offers If your last game login was over a week ago, your GE offers will become inactive. This means they are taken out of the stack of active offers, so they will no longer fill even if they represent the best offer currently in the GE. When you log in again, these offers will reactivate but not sync with the current "stack" of GE offers. Therefore, if your offer represents the best one in the GE, you will slowly start buying items again--but the other player will receive any cash back if your sell offer is too low or your buy offer is too high. Generally it's a good idea to cancel and replace inactive offers. REPEAT ITS A GOOD IDEA TO CANCEL AND REPLACE INACTIVE OFFERS Median Prices This likely wont apply to anyone who is using the RSbuddy exchange api or Ge-Tracker but I'll cover it anyways as its an aspect of the grand exchange. You might be wondering why your items won't buy or sell at the median or guide price. The median price is calculated based on yesterday's buy and sell offers, and the item's 7 and 30 day price history. The guide price can only rise or fall by a maximum of 5% per day. The GE updates prices at a random time, once a day, no earlier than 3am and no later than 9pm BST. Yesterday's price may or may not accurately reflect the current value of the item. For some low volume items, the med prices aren't updated every day because not enough of these items are traded. It's not quite clear exactly how many need to be traded in order for the med price to change. The guide prices of these items can be quite inaccurate. Examples include third-age items and discontinued rares. For many stable items and resources, the guide price works well. For recently released items, or items that are quickly rising or falling in price, the guide price may not accurately represent the street value. Most often you should do some work to investigate the buy/sell prices of items yourself. For most high value items. To put median prices into simple terms; It updates once a day, can only change by 5% and is often only good to follow for high volume items. It's best to ignore people trying to sell items at the guide price outside of the GE as they are likely trying to scam you. Item limits They suck, and last for four hour periods--as a merchant its a good idea to have an alt, or to keep in mind how close you are to a trade limit. Rules of the Land >>Don't instant sell items!<< You can *always* do better, think before you sell! Consider what time it is in some regions of the world (US East Coast for example) if less players are online then the demand is lower and you might lose some money! >>Don't instant buy items!<< You might be able to find better deals at different times of the day or week, you might find it better to buy an item after an update rather than before an update. You might find that the item you're buying is botted and that if you buy it overnight or during Jagex off hours you can save some gp... >>Remember that RSbuddy API is limited!<< This might be over your heads, but the RSbuddy exchange uses its clients to track what players buy and sell items for on the grand exchange, this means that not all trades are tracked, if you notice that there are many more buy offers for an item then there are sell offers, it might be safe to assume that the item is being botted, try for a lower price if you're buying, or wait to sell if you're selling... I hope this post is helpful. If you have questions about the Grand Exchange's mechanics or the RSbuddy API i'll do my best to help.
  2. 1 point
    Thanks for the application, we'll discuss internally and get back to you


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