VolForge Iron Condor Analyzer

Know Your Risk Before You Click "Send Order"

Stop guessing. Start calculating.

The VolForge Iron Condor Analyzer is a professional Excel spreadsheet that instantly calculates every metric you need before entering an Iron Condor trade.

Enter your strikes and premiums. Get max profit, max loss, breakevens, win probability, and a complete P&L table — automatically.

The Problem

You find an Iron Condor setup. Looks good. But before you trade, you need to know:

• What's my max profit?
• What's my max loss?
• Where are my breakevens?
• What's my probability of profit?
• How much of my account am I risking?
• At what price should I take profit?
• At what price should I cut losses?

Calculating this manually takes time. Getting it wrong costs money.

The Solution

Open the spreadsheet. Enter your trade details. Everything calculates instantly.

Yellow cells = you enter Blue cells = calculated automatically

That's it. No complex formulas to remember. No manual math errors.

What's Inside

📁 One Excel File. Four Powerful Sheets.

📊 Analyzer Sheet (Main Dashboard)

Trade Setup

• Underlying symbol & current price
• Account size (for risk calculations)
• Days to expiration
• Number of contracts
• IV Rank

Option Legs

• Enter all 4 legs: strikes, premiums, deltas
• Get values directly from your broker's option chain
• Tooltips explain each field

Key Metrics (Auto-Calculated)

• Net Credit (per spread & total)
• Put/Call spread widths
• Max Risk (per spread & total)
• Breakeven prices (upper & lower)
• Profit range ($ and % of price)
• Upside/downside buffer %

Return Analysis

• Return on Risk (RoR)
• Annualized RoR
• Risk/Reward ratio
• Account % at risk
• Net position delta

Probability Estimates

• P(Price stays above short put)
• P(Price stays below short call)
• P(Max Profit) — your estimated win rate
• Expected Value calculation

Management Targets

• Set your profit target % (default: 50%)
• Set your stop loss multiplier (default: 2x credit)
• Set your DTE exit (default: 21 days)
• See exact dollar amounts to close at

P&L at Expiration

• 19 price scenarios (-12% to +12%)
• See profit/loss at each price level
• Color-coded results (green = profit, red = loss)
• Visual P&L chart included

📓 Trade Journal Sheet

Track every Iron Condor you trade:

• Open date, symbol, DTE, contracts
• Credit received, max risk
• Close date, exit P&L, result
• Notes field for lessons learned

Auto-Calculated Stats:

• Total trades
• Win rate
• Total P&L
• Average winner / Average loser

📖 How To Use Sheet

Complete instructions for beginners:

• Step-by-step guide to entering trades
• Iron Condor structure diagram
• What each metric means
• Where to find values on your broker

📋 Quick Reference Sheet

• Entry Checklist — 6 conditions before every trade
• Exit Rules — When to close (profit, loss, time)
• Common Adjustments — What to do when tested
• Greeks Guide — What each Greek means for Iron Condors

Color-Coded For Clarity

Color -------- Meaning

Yellow -------- You enter this value

Blue -------- Calculated automatically

Green -------- Profit / Positive

Red -------- Loss / Negative

Teal -------- Breakeven points

Every input cell has a tooltip explaining what to enter.

Who This Is For

✅ Options traders selling Iron Condors on SPY, QQQ, IWM, etc. ✅ Beginners learning how Iron Condors work ✅ Systematic traders who want consistent pre-trade analysis ✅ Anyone tired of calculating breakevens by hand

Who This Is NOT For

❌ Traders who don't use Iron Condors ❌ People looking for trade signals or alerts ❌ Anyone expecting automated trading

This is an analysis tool, not a trading bot.

Requirements

• Microsoft Excel (2016 or newer) or Google Sheets
• Basic understanding of options (or willingness to learn)
• No macros, no plugins, no internet connection required

What You Get

• ✅ Excel file (.xlsx) — works offline, forever
• ✅ 4 sheets: Analyzer, Journal, How To Use, Quick Reference
• ✅ 140+ formulas — all pre-built
• ✅ Tooltips on every input field
• ✅ Free updates via VolForge Patreon

FAQ

Does this work with Google Sheets? Yes. Upload the .xlsx file to Google Drive and open with Google Sheets. All formulas work.

Does this tell me what trades to make? No. This helps you analyze trades YOU find. It calculates risk/reward so you can decide if a trade is worth taking.

Is this for day trading? No. Iron Condors are typically 30-45 DTE positions. This is for swing/position trading options.

What symbols can I analyze? Any optionable stock or ETF. SPY, QQQ, IWM, AAPL, TSLA — whatever has options.

Do I need to know Excel? No. Just type in the yellow cells. Everything else is automatic.

Are there macros? No macros. Just formulas. Safe to use on any computer.

Instant Download

Pay once. Download immediately. Use forever.

No subscriptions. No recurring fees. No upsells.

Just a spreadsheet that does exactly what it says.