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RomaneeConti,
Since you didn't specify the conditions, I assumed a heads-up DD, S17, DAS game with 75% pen for a HiLo counter.
According to CVCX, at +5 he enjoys an edge of 3.00% with a standard deviation of 1.177, while at +10 he enjoys an edge of 6.26% with a standard deviation of 1.222. Note that these numbers will all change significantly if we change the conditions.
Case (a): Thus, for 10 bets (say of M5 units each) at +5 he will earn 10*M5*3.00%/100% = 0.300*M5, with a std. dev. of 1.177*M5*sqrt(10) = 3.722*M5. Thus, about 68% of the time he'll end up between -3.422*M5 and +4.022*M5.
Case (b): Conversely, for 5 bets (say of M10 units each) at +10 he will earn 5*M10*6.26%/100% = 0.313*M10, with a std. dev. of 1.222*M10*sqrt(5) = 2.732*M10. Thus, about 68% of the time he'll end up between -2.419*M10 and +3.045*M5.
Now we have to assume something about his bet sizing. I see three logical alternatives:
1. Same max bet, so M5=M10. This is common for HiLo, since in most cases the HiLo counter maxes out at +4. Here, Case (b) wins, due to the higher EV (0.313 max bets vs. 0.3 max bets) and the lower volatility.
2. M10 = 2*M5. Here, the counter simply keeps raising his bet with the count. This is the strategy suggested by Katrina Walker in her Spanish 21 book. Now, if we rewrite the Case (a) results in terms of M10, the EV becomes 0.15*M10 and the 1-std.-dev. range becomes -1.711*M10 to +2.011*M10. Now we see that Case (b) has a higher EV (0.313 vs. 0.15) but also a higher volatility.
3. Optimal Betting. According to CVCX, under these very favorable conditions, the player should place his max bet at +7, and his +5 bet should be 80.8% of max: thus, if the max bet is $1000, the +5 bet should be $808. Therefore, here M5 = 0.808*M10. This case will be similar to #2 above: Case (b) will have both higher EV and higher volatility.
If you're asking for opinions, I'd go with Case (b): the 5 +10 bets.
Hope this helps!
Dog Hand