Does anyone know if there is a software like optionsvue, but will allow you to change IV levels in each individual leg separately?
One of the sponsors here at ET may have what you're looking for. It would certainly be worth inquiring to them: https://optionworkshop.net/
Not to my knowledge, but curious why you would want to do that level of control? (per strike?) Altering one strike in isolation from others seems unnatural (does not occur naturally). - TOS allows altering each expiration independently via their Analyze tab.
YW! If you have not used it before, it is kinda hidden, and may require you have multiple expirations selected to find it. Here is a screen shot that may aid in figuring out where it is located on the window.
I think TOS only allows you to adjust expiration and not individual legs? Im also looking to see what it looks like to add another leg to an existing position.
Of course! I am aware of no commercial software (as I indicated earlier) that caters to morphing a single strike IV independently as you seem to be desiring to do. You can code your own, but I still have no idea why you would want to do that. If you merely want to "add another leg to an existing position", then merely do that? You can do that in OptionVue, OptionNetExplorer, and TOS! I'm missing something in why you want to override individual Strike IV's!
you would want to alter iv per strike since each instrument have unique curves. In sugar and other softs, calls have higher iv's... in equities, opposite. In addition to what Baron suggested there are Excel plugins so you can really customize. Here is a screenshot of my XL sheet.In this snip, I am calculating expected returns for a 195/200/205 fly ... and pnl daily, pnl at end,etc. I can even shift the curve at the spot moves up/down,etc.
I'm not sure what you're trying to achieve, but IB's TWS software has "probability lab" where you can adjust each strike independently as a per. Blue is the market implied volatility and red is my adjusted: