IF to check multiple cells and formula for each depending on result

[Budgen]

Hi all,

So the use for this is a trade journal. You take a trade/position, it has 3 take profits which close a % of the trade. The cell I'm trying to create is a Stop loss. How big the position currently is depends on which take profit level was hit last, if any.

I'm trying to create IF function that scans 3 cells

if empty perform a simple formula

if not empty move onto next cell

if final cell is empty perform a simple formula, if final cell is not empty provide alternate formula

What I have so far, no idea if I'm close I'm not great with excel so I use google searches to find results.

=IF(I2="",*1,IF(K2="",*0.8,IF(M2="",*0.4,"",*0.2,)))

As you can see the final IF function has two formulas, my little understanding of it suggests the second "" means 'Not blank' to which it goes on to perform *0.2.

Thanks a lot for you help. I hope it's clear!

[#2]

@Budgen 

I strongly recommend using the function arguments menu when getting started with logical formulas (It's a big help with IF-OR and IF-AND, especially). It will help you step through the arguments and avoid errors.

As you can see from above, the first logical test results in TRUE, so Excel will go to the Value if True (Box) but it doesn't understand *1 because the * is a multiplier.  

What would you like to do for these bolded parts? Do you need to multiply those percentages by the value in a cell?

=IF(I2="",*1,IF(K2="",*0.8,IF(M2="",*0.4,"",*0.2,)))

[#3]

Brilliant break down I appreciate you taking the time, I didn't even know that existed. Bear with me having such little understanding.
That's correct, * all by the value in cell O2.

[#4 · Accepted solution]

@Budgen 

Here's the formula:

=IF(I2="",O2*1,IF(K2="",O2*0.8,IF(M2="",O2*0.4,O2*0.2)))

You might also see it written like:

=IF(ISBLANK(I2),O2*1,IF(ISBLANK(K2),O2*0.8,IF(ISBLANK(M2),O2*0.4,O2*0.2)))

[#5]

That's spot on. Thanks for that Patrick, much appreciated!

[#6]

You're welcome!