It supposedly doesn't matter. Look at (google) this on-line publication by Dr. Seeley: "bait hives for honey bees cornell". That should take you to a Cornell website from which you can download a pdf of evidence-based recommendations about bait hives.
My most recent own example:
- lost a swarm
- they ignored my own trap within 10 meters (really meant for the incoming swarms; I'd be surprised if they took it).
- they landed into my other trap about a mile away.
To intercept outgoing swarms, I'd go for about a half-mile (+/-).
Realize, it takes just few flying seconds to cover this distance.
With such placement a trap will work better for all swarms (passing by and outgoing).
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