For stereoscopic systems of imaging atmospheric Cherenkov telescopes a key
parameter to optimize the sensitivity for VHE gamma-ray point sources is th
e intertelescope spacing. Using pairs of telescopes of the HEGRA IACT syste
m, the sensitivity of two-telescope stereo IACT systems is studied as a fun
ction of the telescope spacing, ranging from 70 to 140 m. Data taken during
the 1997 outburst of Mrk 501 are used to evaluate both the detection rates
before cuts, and the sensitivity for weak signals after cuts to optimize t
he significance of signals. Detection rates decrease by about 1/3 between t
he minimum and maximum spacings. The significance of signals is essentially
independent of distance in the range investigated. (C) 2000 Elsevier Scien
ce B.V. All rights reserved.