Ok so I've kinda been working on my poker theory a bit and let me give a shot at analyzing this hand. Ask me if you don't get anything.
Before I begin, QJo isn't in my calling range vs CO open however for this analysis I added it.
CO's opening range I took aka (IP),
AA-22,AKo-ATo,KQo-KJo,QJo,AKs-A2s,KQs-K6s,QJs-Q7s,JTs-J8s,T9s-T8s,98s-97s,87s-86s,76s-75s,65s-64s,54s (25% open)
BB's cold calling vs CO open range aka(OOP)
TT-22,AQo-AJo,KQo-KJo,QJo,AJs-ATs,KJs-KTs,QJs-QTs,JTs-J9s,T9s,98s (12.1%)
How hard both ranges hit:
Equity is very similar BB vs CO is almost 50/50 however,
OOP range has 2 pair+ 6.34% of the time, Top pair+ 16.9%
IP range has 2 pair+ 3.06% of the time, Top Pair+ 20.4%
OOP range seems a bit more polarized and can have a decent x/r range.
Flop: 9d 4h 3d
IP:
Combos: 294
Value Bet: 99(3), 44(3), 33(3), AA(6), KK(6), QQ(6), JJ(6), TT(6), A9s(3), K9s(3), Q9s(3), J9s(3), T9s(3), 98s(3), 97s(3)=60
Draws: Nut FD(10), FD(20), 65s(3)=33
Bluff Bet: 88(6), 77(6), 66(6), 55(6), A4s(2), 64s(2), 54s(2), A3s(2), A5s(3), A2s(3), 76s(3), 75s(3), AK(15), AQ(15), AJ(15), KQ(15), AT(15)=113
Betting Freq: 70%
OOP:
Combos: 142
Bet:0 I can't find any hands to lead here. All strong hands are strong enough to x/r and other than that everything else is too weak to lead.
x/c: 99(3), TT(6), J9s(3), T9s(3), 98s(3), FD(7), 88(6), 77(6), 66(6), 55(6), AQo(6), AJ(12) =67
x/r value: 44(3), 33(3)=6
x/r bluff: AJ(5), ATs(1), AQo(6)=12 (Backdoor FDs of AJ ant AT and some AQo, 2 AQo combos were called)
I threw the nut set in the x/c range cause otherwise x/r becomes pretty big on this board. Using a 2:1 bluff to value ratio on the flop if you x/r 99 as well you'll end up x/r a total of 19% which I think is too high and you won't have enough decent hands to x/c and your x/r range will just be awful.
Total check defending range=59.86%
EV of CO's flopping air= 1[$1.1(0.4014)-$0.50(0.5986)]
=$0.14 or 0.56bb
This above equation just shows if the IP player can ever exploit us by betting any two cards on the flop and he really can't.
Equation is
Overall check %[(Amount won x OOP x/f %) - (Amount lost x OOP defending checks range)]
I hope I haven't missed out on anything but if i made a mistake in totaling or something it'll be really very small.
With our x/c range vs the opponents overall betting range again our equity is almost 50/50 so nobody is really exploiting anybody.
I like our OOP overall x/c range also cause a lot of turns hit some part of our range or the other so even that way its balanced. The range can improve to flushes, top pairs, 2 pairs and some straight draws.
Exploitative play:
Now I'll try to see if I can do anything different from what I feel is optimal play against this opponent.
30/31 and AF of 3.3 so a sort of LAG. What will he do different? Maybe bet a lot more on flop and also have a wider preflop opening range. Maybe bet even higher than 70% that I defined as what is a good range for him to cbet the flop with.
In any case I don't care cause he won't be making any money and is only getting himself exploited and I think I have no incentive to change my strategy or deviate from this one.
For him to bet ATC is -EV here.
Say he opens very wide from CO and plans to cbet a very high % on the flop, whats his overall profit.
We already determined that he is winning a total of 0.56bb everytime we check and defend this much however overall he loses cause he also invested 2 bb preflop to get here.
So his net loss is -2+0.56=-1.44bb.
If he plans on double barrelling he is digging himself a deeper grave IMO cause many hands improve in our range on many turns and his overall EV for the hand will be more -ve
Bottom Line:
I think its best to fold QJo on the flop there are enough hands that you can defend with which are way better and sure as hell don't bluff raise with it cause there are even better hands to bluff raise with.
Like I mentioned in the begining I don't even flat QJo in this spot preflop.
A question you might have:
Is x/c with hands like 77,66 better than QJo?
I think so cause you already have other better Jx and Qx hands in your x/c range, hands like 77, 66 can improve your overall range on many turns too which can be cards between 4-9.
If you think I am wrong with anything please do challenge me. It'll only make me think harder and make this whole analysis better.