// sorry for English
There are clearly some worse hands than A-5 str8 to call predraw.
We have to put 20$ to most likely ~87$/77$(UTG folds) pot, so any hand with 1/4+ equity is worth a call.
UTG normally open raise KK+, so UTG+1 need some good 2 pair to 3-bet with, about TTup-KKup, depends on 5th card (we need better 2 pair when holding an Ace or King) and detailed UTG range (KKA+,KK+,QQA+,QQK+,QQ+, semibluffs?) but it's not uncommon to see a player 3-bet with 3322+ in HJvsUTG or UTG to open raise with some TT/JJ
In that case CO should cap sth around AAup/KKup, but most likely it will be trips or better.
That's just approximate because each player in 5cd has his own world.
One is 3-betting AA vs UTG, while other is folding...
Simulated 100000 Five Card Draw Hands (Monte Carlo)
Simulation by Slice - The ev++ Equity Calculator
Player Equity Win Hi Tie Hi Range
1 8.0 8.0 0.0 **{qu},**{pt},**{fs},AKQJT-65432,A5432,**{tr},**{tp},AA{op},KK{op}
2 19.4 19.4 0.0 **{qu},**{pt},**{fs},AKQJT-65432,A5432,**{tr},AA{tp},KK{tp},QQ{tp},JJ{tp},TT{tp}
3 46.9 46.9 0.0 **{qu},**{pt},**{fs},AKQJT-65432,A5432,**{tr}
4 25.7 25.7 0.0 888**{tr}
This calculation are not as exact as Holdem, but also not far from the true.
With ranges like above 888 represents a marginal calling hand.
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Now back to A2345. What about postdraw valuebet?
Chance that one of them have improved:
[1-(0.988*0.913*0.917^2)] * 100% = ~24%
There is a 24% chance that you lose to a bigger hand, so to make a value bet you have to get called by worse with at least 1/4 frequency.
Is it possible? ¯\(°_o)/¯