Oh, hi, I just got this question via the Steam Engine feedback form, but I didn't have a sender address to reply to, so I wrote an answer on
Steam Engine's Facebook page instead.
Here's a copypasta of my answer:
First of all: The IPV2 is a regulated mod, so remember to select this option.
In a mechanical mod, the current going through the atomizer is identical to the current going through the battery, but in a regulated mod it is not.
This confuses a lot of people, especially those who are used to thinking in mech mod terms. I wrote a text about it a while ago, but I'm not going to repeat everything here. Instead, you can click the "How it works" link at the bottom left of the battery drain calculator. The text will appear on the bottom of the page. I hope this clears things up for you.
Another thing to take note of: You're using 8.4 volts to calculate the current, probably because you want to figure out the worst case scenario, right?
Remember that in regulated mods, the battery current increases as the batteries are drained. This is the opposite of what happens with mech mods. So with regulated mods, using the fully charged voltage is the best case scenario, not the worst case scenario.
To calculate the current in the worst case scenario, assume that your batteries are nearly empty. Yes, this sounds counter-intuitive when you're used to mechs, but that is how it is.
Anyway, regarding the IPV3: If we trust YiHi's assertion that the SX330v3 chip is 95% efficient, you'll reach 20A at the battery side at 120W output power, when your batteries are low (6.4V combined). However, it is not wise to push batteries to the limit, not even the continuous one.
An output of 85W will give you somewhere around 30% headroom, which hopefully is OK for stacked batteries.
When your batteries are full, you can get 160W from them, with zero headroom. Again, you probably want a certain safety margin, so 110W will give you around 30% headroom, with full batteries.
I'm not making any guarantees though. Use your own judgement. The battery safety of your mod is ultimately - and literally - in your own hands.