A scheduled news release doesn't ask permission before it moves.
The stop that was sized for a normal session is still sized for a normal session when the print actually hits.
Reduce size, step aside, or trade through it anyway. That decision works best made the night before. Not thirty seconds out, with the countdown already running.
This worksheet is where that decision gets written down. Event, instrument, your normal size, and what you're doing differently this time, logged before the release instead of reconstructed after it.
A second tab logs what actually happened. Did you trade through it. What size did you use. Did you follow the decision you wrote down, or did something else take over once the candle started moving.
A summary tab counts it up: how often the plan and the action actually lined up, not a win rate or a dollar total.
It doesn't come with a calendar built in. You bring the event, from your own source. This makes sure the decision gets made on paper, ahead of time, every time.
A Trading Habits Tool
The News Event Risk Worksheet
Plan your size before the release. Log what you actually did after.
- Format Excel workbook (.xlsx), opens in Excel, Google Sheets, or Numbers
- Tabs Event Planner, Outcome Log, Summary Dashboard, Instructions
- Calendar None built in. Every event comes from your own source
- Delivery Instant download right after checkout
You bring the event. The sheet holds you to the decision.
What's Inside
What's Inside The News Event Risk Worksheet
- 01An Event Planner tab, one row per scheduled event you're tracking, with a dropdown for your pre-event decision: trade normal size, reduce size, or step aside.
- 02An automatic percentage column showing your adjusted size against your normal size, the moment you type in both numbers.
- 03An Outcome Log tab for after the event: whether you traded through it, the size you actually used, the dollar result, and whether you followed your own written decision.
- 04A Summary Dashboard tallying events logged, times traded through versus sat out, and how often the plan and the action matched, pulled automatically from your log.
- 05No built-in economic calendar. Every event, date, and time comes from your own source, so nothing here goes stale or gets treated as a live data feed.
- 06One filled-in example row on each tab, clearly marked as illustrative, showing the workflow before you clear it and start logging your own events.
- 07An Instructions tab walking through both tabs and exactly what the dashboard is, and isn't, measuring.
- 08No macros, no add-ons, no subscription. One workbook. Opens in Excel, Google Sheets, or Numbers.
HABITS
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Behind The Tool
What The Research Says About Trading Around Scheduled Events
The Concept
A stop distance and a position size are usually calibrated for a normal session's range. A scheduled event, an earnings print, a rate decision, a jobs report, doesn't trade in a normal session's range. It compresses the price movement of an ordinary day or week into a window measured in seconds, and a stop or size built for the wrong regime can fail exactly when it matters most.
The decision that matters isn't whether to ever trade through an event. It's whether that decision gets made calmly, in advance, or gets made for you by whatever the candle is doing when the print hits.
Where It Comes From
Ray Ball and Philip Brown's 1968 paper, "An Empirical Evaluation of Accounting Income Numbers," published in the Journal of Accounting Research, found that stock prices keep drifting in the direction of an earnings surprise for weeks after the announcement, a pattern known today as post-earnings-announcement drift and one of the most replicated findings in financial economics.
James Patell and Mark Wolfson looked at the same moment from a different angle in a 1984 paper in the Journal of Financial Economics, finding that most of a stock's price adjustment to an earnings or dividend announcement happens within minutes of the release, not gradually over the following session. Options traders describe a related pattern practically: implied volatility tends to climb into a scheduled event and drop sharply once it's passed, often called an IV crush.
The Shape Of Risk Around A Scheduled Event
Illustrative shape, not real market data. The general pattern behind it, elevated volatility building into a scheduled event and dropping off sharply once it's released, is well documented in both the academic literature above and everyday options pricing.
Try It: Step Through The Event Window
Read directly off the chart above's own plotted curve. Drag to day 0 for the event itself, where risk peaks, then watch it drop off just as fast on the other side. Same illustrative-shape disclosure as the chart.
Common Questions
Does a stock's price finish adjusting the moment earnings come out?
Mostly, but not entirely. James Patell and Mark Wolfson's 1984 paper found most of a stock's price adjustment to an earnings or dividend announcement happens within minutes of release. Ray Ball and Philip Brown's 1968 paper found prices keep drifting in the direction of an earnings surprise for weeks after, a pattern called post-earnings-announcement drift, one of the most replicated findings in financial economics.
What is "IV crush"?
The pattern options traders describe where implied volatility climbs into a scheduled event and drops sharply once it's passed. A stop or position size calibrated for a normal session doesn't account for that compression.
Is the point of this worksheet to avoid trading through events entirely?
No. The decision that matters isn't whether to ever trade through an event. It's whether that decision gets made calmly, in advance, or gets made for you by whatever the candle is doing when the print hits.