Most definitely, even less than 1% in some cases.

I'm not sure what the name of the strategy is called that was tried, where you mentioned martingale, in reference to lower the prices before the hedge calc by a variable percent ?
I have not seen this or able to recognize by cross reference general mathematical examples/searches on the net, I observed it was what was suggested, lower the prices before the hedge calc by a variable percent, as a form of managing Cost of the proposed bet, hence Value, ( that word again !)

Cheers