I certainly would not know where to start attempting Rad's methods and my bet is I'm not Robinson Crusoe.
jfc, it really is fairly simple and gets easier as you use it. I learned this approach from an old time Melbourne bookie. As Gintara says, it really does convert your assessments of each horse into an accurate market (in terms of reflecting your thoughts):
As I go through the form I assess each horse's chance and allocate an 'X' code to each one depending on the rating. From this, I develop a value for X and from that a percentage chance for each horse.
XXX for a near certainty, XX for a 1st class winning chance, X for a reasonable winning chance, OX for a middle pinner, OOX for a rough hope, O for an outsider and OOO for one with no hope
You add up the X's and divide that number into 100. It only needs to be approximate and you establish a value for each X. In the sample above I started at 13 and then adjusted it to 15 or 16 (small field) because 13 only got the market percentage to just over 80. You really do quickly establish a number for X that works. These are your percentage chances ie your estimated market price
So, in the example above, the favourite was an XX rater = 2 x value of X = 26, adjusted up to 34.
The second favourite was X++, so rounded up by a couple of points for each + from 15 to 20
The third favourite was X+, so rounded up by 2 points from 15 to 17
X- finishes at about 13, OX is half of X, so about 6 points, OOX =s about 2 or 3 points, O =s about 1 or 2 points and OOO is less than a point.
You then fiddle around to get to the market percentage you are looking for. I'm using 100 and the above market reflects that. If I reckon I've got something a little wrong, I'm happy to make a few adjustments.
I find it important not to overestimate the chance of outsiders and to focus the market on the top end.
There you go ... as clear as mud