Hello friends, I hope you’re Christmas was great and you weren’t caught on the wrong side of Santa’s list! As we get ready to close 2025 I pray that we all live by the instruction in 1 Kings 8:61. “And may your hearts be fully committed to the Lord our God, to live by his decrees and obey His commands, as at this time.” In doing so, I believe 2026 will be the best year we’ve ever experienced, regardless what turmoil awaits our investment accounts.
With that, I’ve got an exciting vertical spread spreadsheet to share with you today. The Vertical Spread Spreadsheet – Signature Series is the latest addition to the signature collection. Similar to the Iron Condor & the Wheel Strategy Spreadsheets, the Vertical Spread Spreadsheet prioritizes simplicity, functionality, and curb appeal.
So, if you’re up for it, in the next few sections I’ll walk through the spreadsheet completely. I hope you’ll take a few minutes to review this exciting addition to the signature series lineup. If you feel this spreadsheet can provide value please consider purchasing it through the OptionBoxer Webstore. If I can ever help please don’t hesitate to reach out in the comments or via the contact page.
Post Agenda
- Vertical Spread Spreadsheet Overview
- Dashboard Review
- Transactions Review
- Graphs/Calculations Review
- Tutorial Walkthrough
- Jeff’s Vertical Spread Strategy
Vertical Spread Spreadsheet Overview
Well, if you’re a geek for spreadsheets like me then today is going to be awesome! I’ve finally completed the Signature Series – Vertical Spread Spreadsheet and I really think you’re going to enjoy it. Before we get into the sheet and it’s functionality, you may also want to view the OptionBoxer Webstore or the Free Trading Tools page for more useful options tools. If you’re an Iron Condor or a Wheel Strategy trader then you’ll likely also enjoy the Signature Series versions of those spreadsheets as well.
Now, as you may expect, I’ve kept the design and workflow for the Vertical Spread Spreadsheet in line with every Signature Series Spreadsheet. First, because I think they look great but largely to keep the workflow and analysis consistent. If you’ve used even one of the Signature Series Spreadsheets then you’ll see quickly how and where things are remains constant.
That said, there are some new visuals that, in my opinion, improve upon the look, functionality, and usefulness of the spreadsheet. Namely, the improved monthly profit/loss, the risk distribution, and profit potential graphs. Each offers the trader a birds eye view of all open options positions at a glance.
Lastly, you may notice the sheet contains the same sentiment, fundamental, technical, & environment indicators. I again wanted to maintain continuity across the Signature Series Line. By avoiding today’s “flavor of the month” indicator and sticking with these indications a consistent approach to market decision making is maintained. Also, I should note, if you do purchase this spreadsheet, please allow 24 hours for data to fully populate. Sometimes an “Error” may result when the permissions are first approved.
Vertical Spread Spreadsheet General Details
Having made the introduction let’s move further into the weeds of the Signature Series – Vertical Spread Spreadsheet. As I grow in my own trading journey I’m becoming increasingly interested in tools that help with the decision making process. As such, you’ll notice a few graphical changes to the Vertical Spread Spreadsheet. We’ll explore them more soon but they are a home run in terms of usefulness, at least for me.
As a brief aside, If you’re new to Options Trading or the Vertical Spread Strategy, you may want to start your journey with the Options Industry Council. They are and have been a valuable FREE resource as I’ve learned the sometimes complicated world of options.
Moving back, I’ve kept the focus on a few critical areas;
- Current & Pending Profit/Loss
- Current & Future Market Sentiment
- Open Position Status
- Open Position Risk & Potential
- Tracking & Visualizing Results
First, we all want to know how our trading is performing, that is spreadsheet or tracking 101. However, of equal and often overlooked importance is the decision making process. As such, the Signature Series – Vertical Spread Spreadsheet was created to provide data that helps us arrive at logical conclusions, faster.
Additionally, the performance statistics section provides the most pertinent details every trader wants. Am I making money? What is my win/loss percentage? Is my average winning trade enough to cover my losses? All of this and more is readily available at just a glance.
In total, the Signature Series – Vertical Spread Spreadsheet is uniquely designed to accomplish the greatest challenge options traders face. Consistency. Should we ever get that one right we will be one giant step closer to true financial independence.
Dashboard Review
With the very brief introduction behind us let’s start peeling back the layers.
Beginning with the lookup functionality, from the top left corner find the “Symbol Selection” section. This drop down list is every symbol being tracked within the spreadsheet. By selecting, in this case SPY, I can easily see what the technical data suggests as well as the last position I’ve entered for the symbol along with the current price movement.
Performance Statistics
Next, from the “Performance Statistics” section we’ll find several of the most useful performance metrics. These details are updated when positions are entered and finalized when positions are closed. To keep the spreadsheet simple and cost effective there are no API connections here for real time options data. Though, for those with experience that is certainly possible.
The cumulative profit/loss is simply a total of all credits and debits, open or closed. The available capital is similar to available buying power but may or not reflect your actual buying power from your broker. Some brokers require the entire width of the spread be held as collateral while others reduce by the credit received. In this instance, any credits received are added back into the available capital for trading.
From there, the “Percent to Account Goal” isn’t truly necessary but I like to be working toward a goal. If you find it irrelevant it can easily be deleted without creating issues elsewhere. The “Win Percentage” is an often talked about stat among traders that where the number of winning trades is divided by the total number of trades taken. However, I find more value in the average statistics just below. For instance, if my average profit/loss was negative I may want to review my stop and target percentages.
Lastly, the “Profit Factor” is just a quick calculation to determine if collectively the strategy is performing on level. Personally, I want my vertical spreads and iron condors above 1.3 at a minimum. Anything below that level means I’m doing a lot of work for no real profit or potentially just to donate money to the market.
Settings
At the bottom left of the spreadsheet is the settings section. The roundtrip commissions is where I enter the total commission costs for both entering and exiting the trades. This isn’t required as you’ll see later but eliminates one extra step of data entry as long as commissions are a consistent cost.
The “Starting Date” can be any date you’ll prefer but for ease of use and to avoid the potential for date errors later, I usually enter this as January 1st of whatever year tracking began. For example, say I made my first trade on July 10th, 2025. Rather than entering 7/10/25 into that space, I enter 1/1/25. That way the workbook starts at the beginning of the year. It’s really more of a personal preference given my experience with spreadsheets.
Lastly, the account starting value would need to be added immediately. This impacts calculations across the workbook. If you have a $100k account but want to dedicate 10% to vertical spreads a value of $10,000 could be entered here to track the progress. The “Account Goal” is the only other space associated with the “Percent to Account Goal” from the performance section. If it isn’t valuable it could easily be removed without harm.
Vertical Spread Spreadsheet – Signature Series Visualizations
Performance Graph
The performance graph is the equity curve for the vertical spread strategy across every trade taken. If this graph isn’t moving up over time then strategy adjustments will be necessary to continue. I will say expectations as it relates to growth need to be tempered. Too often I see traders, myself included, abandon the strategy when profit doesn’t compound quickly enough.
Gain/Loss by Year
Just to the right is the gain/loss by year section. From this snippet you can see some back testing results from 2023 based on my strategy for vertical spreads. Additionally, no matter what year you begin using the workbook the graph will update to allow for 7 years from the date entered in the setting section.
Realized & Pending Gain/Loss by Month
This is probably one of the more useful graphs inside the Signature Series – Vertical Spread Spreadsheet. From this single data visualization I can see how the year is going and what the rest of the year could hold. This image doesn’t show it but when it happens, this chart will show both the realized and the pending gain/loss in one bar. For example, suppose in September I had a realized gain/loss of ($100) but also had trades expiring later in the month. Both the realized and the pending data would be shown together, in the same bar.
Further, this graph would provide a great benefit for someone looking to achieve a certain level of income each month. For example, suppose I wanted to pay my truck payment with my vertical spread profits. In that case, I’d know I need to achieve around $700 per month in income. I could track this graph for any past or future performance to make sure I’m giving myself the opportunity to earn that amount each month.
Gain/Loss by Symbol
To the right side of the chart is a convenient graph to view how each symbol is performing against the vertical spread strategy. Honestly, I personally don’t place much emphasis here because trades can be good or bad at anytime. Still, over a large enough sample size of trades, If IWM was lagging tremendously, that would be cause for concern or an indication it was time to remove that symbol from use.
Total Risk Distribution & Total Profit Potential
These two charts have had the biggest impact on my overall performance and the reasoning is simple enough. Using the rules for my strategy, which I’ll share shortly, I no longer have to guess which trade makes sense. Sure, every trader will have their own approach but for me I’m always seeking balance. In a perfect world, I would always have a bullish and bearish debit and credit spread on the books. In that way, no matter what the market did one day to the next I’d be watching my bottom line improve. Volatility goes up, great, I’m long Vega with my debit spreads. Markets falling, good enough, I’m profiting from my bearish positions.
That said, I need to explain these graphs a little more clearly to avoid confusion.
- Total Risk Distribution Graph (Upside) – This is a calculation that sums up the total amount of risk if the market where to move higher. Given that vertical spreads are defined risk, this number will be known for every trade.
- Total Risk Distribution Graph (Downside) – Just the opposite of upside, the downside highlights how much I stand to lose if the market turns lower.
- Total Profit Potential (Upside) – Again, because verticals are defined at entry I can see easily how much I’ll make if price marched higher. The biggest benefit here, from a balance perspective, is I wouldn’t want to have equal amounts of risk without proportionate levels of profit.
- Total Profit Potential (Downside) – Just the opposite from upside profit, a quick view of how much I could make if price pushed beyond my trades to the downside. For me, I’m a little light on profit here given the level of risk.
Gain/Loss by Strategy
Finally, the gain/loss by strategy just tallies every trade type up to highlight which position is performing better. This will change with the market but could provide an indication which strategy is performing the best in the current market environment. With that, I could easily eliminate or alter whichever trade just isn’t working.
Market Indication & Trade Environment
Current Sentiment
This section highlights the “mood” of the market at that particular point in time. This is a short term indication for what the market is doing right here and now. If the data points listed here point to bearishness, its highly probable the market is already down for the day or could be soon. This indicator will change day to day and minute to minute as the prices or values listed change. The current sentiment will always be indicated by a bearish, neutral, or bullish tag at the top right of the section.
Fundamental Indication
It isn’t possible to fundamentally analyze the entirety of the market, that would be thousands of companies. However, the data points listed in this section tell the markets current story. If the winds are picking up and this section is indicating bearishness then caution is advised. Alternatively, if these criteria are in line with a generally healthy market then we can feel confident to proceed accordingly. This is a longer term indication for what’s happening within the markets. Similarly to the current sentiment, the fundamental indication will be noted with bullish, neutral, or bearish tag.
Technical Indication
The technical indication section pulls in some common moving averages(SMA) and includes a rate of change(ROC) metric. The moving averages serve to highlight prevailing trends while the ROC provides the momentum of those trends. Admittedly, I rarely look at each calculation in a vacuum. Instead, I use them to underscore possible trade environment criteria and that happens automatically without input from me. Again, noted by a bullish, neutral, or bearish tag.
Trade Environment
Finally, the environment section makes use of the indicators present within the spreadsheet. The metrics in this section, in my opinion, point to a favorable or unfavorable environment to enter a trade. That said, there is no holy grail in trading the wheel strategy and even favorable environments can deteriorate. Still, it’s important to me that at entry I’ve at least considered the likelihood a trade will be successful. These values help frame the trade’s picture so at least I know it’s centered. This section will be indicated by a potential, wait, or an unclear tag. Unclear simply meaning the metrics aren’t in alignment, not that a trade will or will not be successful.
Transactions Review
The Signature Series – Vertical Spread Spreadsheet utilizes a simple transactions entry page with the absolute minimum amount of data entry necessary to achieve complete functionality. With 11 points of data entry that isn’t nothing but I’ve seen and used considerably worse in my time as a trader. However, each data point serves its purpose and is vital to expected performance.
I won’t go into great detail yet, I’ll save that for the tutorial below. Still, I want to point out a few important notes about using the spreadsheet successfully. First, all the data entered should be in the darker or lighter grey sections to the left of the sheet. This area is reserved for manual data entry. The white boxed areas to the right are calculated metrics for convenience and functionality.
Moreover, I’ve added dropdown selections where possible for convenience but also for necessity. The “Status” and “Strategy” sections have the greatest impact on functionality to the vertical spread spreadsheet. If an entry here is different from the selections listed, errors will result.
In any case, the transactions page is my very best effort to keep data inputs to a minimum to achieve a maximum benefit. Simply enter the required data points for your trades and relevant stats will begin populating the entire workbook for your review.
Graph/Calculations Review
There are a few more calculations here than in previous Signature Series sheets but that is just to create the additional graphs. Still, it’s not near what I’ve seen or used before. Even a relatively novice spreadsheet user would be able to alter or add new calculations easily enough. Further, none of the calculations are locked or blocked in any way so for more experienced users they could adapt anything as needed.
That said, to maintain simplicity I didn’t want to go wild adding every feature I could dream up. Thus, the graphs/calculations page has remained consistent across the Signature Series line.
Finally, unless additions or subtractions are made to the Vertical Spread Spreadsheet there isn’t any reason to alter these functions. They perform as expected to provide the detail I want from my own vertical spread trades. However, should additional functionality be desired you can reach me in the comments below and I’m happy to take a look.
Signature Series – Vertical Spread Spreadsheet Tutorial
Ok, now for the pertinent details about using the spreadsheet. As I walkthrough everything I’ll do my very best to highlight every detail but if ever you need assistance reach out and I’ll respond promptly.
Overview Selections
Beginning with the “Overview” page the only areas that will require interaction are those points where data can be entered. Everything else will populate automatically. Highlighted in the first image above, I’ve pointed out the pieces of information that can be changed from the overview page. Each should be fairly straightforward. Enter the symbol you intend to lookup or analyze, set the year for the subgraphs, and the start date/account values in the settings module.
Transaction Status
The transaction status requirement is simply a selection for opening or closing a position. If a trade has been placed but is ongoing then the status here will remain “Open” until the trade is eventually closed with the broker. At that point an ending date would be entered and the status here changed to “Close”.
This simple yes/no style drop down alerts other areas of the vertical spread spreadsheet that profit or loss has been realized. Ultimately affecting the relevance of the data presented within each graph from the overview page.
Lastly, be sure to keep the text as it’s listed. Altering that would break downstream formulas.
Transaction Strategy
The strategy column provides a convenient dropdown menu with the 4 variations of the vertical spread strategy. You may have heard them called several things but if you’re not familiar with each strategy listed here is a primer on each from MacroOption.com.
They are the Bull Put, Bull Call, Bear Put, and the Bear Call. A selection must be made for the spreadsheet to categorize the trade type elsewhere. If the selection were left blank the calculations would still occur properly but they wouldn’t be attributed to the strategy or the risk parameters.
Additionally, it’s important to keep the text here as I’ve listed it. Altering the entry to something like “Bullish Put” would break a formula downstream.
Transaction Details
Moving along into the “Details” section you’ll notice some familiar items both as they relate to vertical spreads but also to the Signature Series line of spreadsheets. Starting with the spread width, any width can be entered here to impact the resulting calculations. If you were to trade a $200 wide spread on SPX the calculations would all populate accordingly.
Next, is the expiration date of the spread being traded so that the days until then can be applied appropriately. I’ll admit, of all the data points to enter the date is the biggest problem because its more like 3 data points in one. Regardless, it’s one of 3 different dates that must be entered to track everything appropriately.
From there is the quantity of contracts being traded or the nearest strike. In the image above I hadn’t yet changed the “Short Strike” label to “Near Strike” but you’ll notice that upon use. I did that for clarity because both long and short verticals function inside the spreadsheet. That allows the percent to moneyness calculation to occur so that at a quick glance you’ll be able to see how far or near the nearest strike of the vertical is to going ITM.
Entry & Exit Details
In the Entry/Exit section of the transactions page you’ll finally enter the values of the resulting trades. From left to right; Entry Date, Transaction Debit, Transaction Credit, and the Exit Date.
Once the trade is placed with the broker, the entry date will be listed here along with the debit or credit for that trade. For example, if I sold a Bull Put spread on December 29, 2025 I’d list that date and enter the credit I received for that trade. Further, let’s say I closed that trade January 3rd, 2026, then I’d enter that exit date along with a $0 if the trade closed worthless or the debit I paid to close the position. Immediately after I’d pan back to the left of the screen and mark the trade as “Closed” to keep functionality up to date.
Transaction | Risk | Days
Finally, the remaining items will calculate automatically based on the inputs from the previous sections. This criteria is then pulled into the graphs/calculations page or into the overview page directly to provide the finished Signature Series – Vertical Spread Spreadsheet.
The transaction module here is to highlight some pertinent information as well as provide aggregated calculations elsewhere. Though, the net transaction figure is exactly that for each transaction with fees, debits, and credits totaled together. The risk segment calculates to show the maximum possible risk for each transaction along with a percent to ATM calculation. This highlights if the nearest contract of a spread is approaching or has moved in the money.
Lastly, in the days section you’ll see days to expiration and days in trade. This is to make note of timing until a particular contract expires or how long a trade has lasted, respectively.
Jeff’s Vertical Spread Strategy
To wrap up the Signature Series – Vertical Spread Spreadsheet post I thought I’d share how I currently tackle vertical spreads. First and foremost, I don’t take big bets on direction. At most I may trade a $5 wide spread but I dramatically prefer $1-2 wide spreads. Generally, if I’m taking on a $5 wide spread it’s because I want to go farther OTM and still achieve a decent credit, especially if volatility is low.
In the image above you can see my complete list of rules surrounding the vertical spread strategy. You may notice it isn’t overly granular and that is by choice. I can assure you I’ve assessed this strategy at just about every level imaginable and the more I did the worse I performed. So for now this is my preferred approach with acceptable results.
Also, before I move on, coupling these rules with the Risk Distribution and the Profit Potential graphs from the Overview page has made a remarkable difference. Using these rules increases my probability of a successful trade and using the graphs helps me maintain balance. Together, I’m seeing a positive impact.
Of course, it wouldn’t be appropriate if I didn’t also warn you about vertical spreads. Usually vertical spreads don’t carry the greatest risk/reward dynamic. Very often you’ll find that to earn a small amount you’ll have to risk considerably more. Like all options, high probability means lesser possible return where as low probability increases the return.
And finally, this is NOT a recommendation to attempt this strategy or any options strategy. Please understand the risks or speak with a qualified professional prior to trading or investing.
Final Thoughts
That just about sums up the Signature Series – Vertical Spread Spreadsheet. I believe I discussed just about every detail of the spreadsheet outside of breaking down the specific calculations. That said, I’m happy to discuss those or any other criteria necessary to successful use, simply drop a message on the contact page anytime.
In all, I strongly believe that of the options available today this spreadsheet is visually appealing, easy to use, and cost effective. There isn’t 37 data points to enter and the graphs don’t look like something straight from 1994. Additionally, of the other potential options for tracking options trades this isn’t going to eat up monthly profits with a recurring monthly charge.
Finally, as with all the Signature Series Spreadsheets, the Vertical Spread Spreadsheet is also designed for use with Google Sheets themes functionality. Should you ever want an updated look or feel, navigate to Format> Theme and select a fresh new paint job. Further, if you don’t see something you prefer you can create a custom theme there anytime as well.
The Signature Series – Vertical Spread Spreadsheet is available now. Let me know what you think.
Until the next post.
God bless,
Jeff
