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The Labouchère is also known as:
-Montante Américaine
-(Annulation) Américaine
-Labby

The "steptree" to the strategy:

1 1
+/ \-
2 2 3
+/ \- +/ \-
3 G 4 5 6
+/ \- +/ \- +/ \-
4 G 7 G 8 9 10
+/ \- +/\- +/\- +/\-
5 2 11 12 13 12 14 15 16

6 11 12 13 14 15 16
+/ \- +/ \- +/ \- +/ \- +/ \- +/ \-
7 17 18 G 19 20 21 22 23 22 24 25 26

G stands for goal (reached) - start with 1. step again

The steps in notation:
Number. Row = Stake
1. 1-2-3=4
2. 2=2
3. 1-2-3-4=5
4. 2-2=4
5. 2-3=5
6. 1-2-3-4-5=6
7.2-2-4=6
8. 2-3-5=7
9. 2-3-4=6
10. 1-2-3-4-5-6=7
11. 2-2-4-6=8
12. 3=3
13. 2-3-5-7=9
14. 2-3-4-6=8
15. 2-3-4-5=7
16. 1-2-3-4-5-6-7=8
17. 2-4=6
18. 2-2-4-6-8=10
19. 3-3=6
20. 3-5=8
21. 2-3-5-7-9=11
22. 3-4=7
23. 2-3-4-6-8=10
24. 2-3-4-5-7=9
25. 2-3-4-5-6-7=9
26. 1-2-3-4-5-6-7-8=9

The steptree is illustrated best by the dot Flowchart:
Roulette Strategy Flowchart

Description on wikipedia:

The Labouchère system, also called the cancellation system or split martingale, is a gambling strategy used in roulette. The user of such a strategy decides before playing how much money they want to win, and writes down a list of positive numbers that sum to the predetermined amount. With each bet, the player stakes an amount equal to the sum of the first and last numbers on the list. If only one number remains, that number is the amount of the stake. If bet is successful, the two amounts are removed from the list. If the bet is unsuccessful, the amount lost is appended to the end of the list. This process continues until either the list is completely crossed out, at which point the desired amount of money has been won, or until the player runs out of money to wager.[1]
The theory behind this strategy is that since the player is crossing two numbers off of the list (win) for every number added (loss) that the player can complete the list, (crossing out all numbers) thereby winning the desired amount even though the player does not need to win as much as expected for this to occur.
It should be mentioned that the Labouchère System is meant to be applied to even money Roulette propositions such as Even/Odd, Red/Black or 1-18/19-36. When any of these bets are made in the game of Roulette, a spin resulting in a, "0," or, "00," results in a loss, so even though the payout is even money, the odds are clearly not 50/50. The Labouchère System attempts to offset these odds.
If a player were to play any one of the above propositions, there are eighteen individual results which result in a win for that player and (for an American Roulette wheel) twenty individual results that result in a loss for that player. The player has an 18/38 chance of success betting any of the above propositions, which is around 47.37%.
Theoretically, because the player is cancelling out two numbers on the list for every win, and adding only one number for every loss, the player needs to have his proposition come at least 33.34% to eventually complete the list. For example, if the list starts with seven numbers and the player wins five times and loses three (62.5% winning percentage) the list is completed and the player wins the desired amount, if the list starts with seven numbers and the player wins 43,600 times and loses 87,193 times (33.34% winning percentage) the list completes and the player wins.

source: en.wikipedia.org/wiki/Labouch%C3%A8re_system


There is also a very extensive evaluation of the 1-2 Labby roulette strategy.
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