How many parameters we should insert inside the IF function or formula to work probably? and can they be incremented somehow?

It could be multiple. But for very long formula, I would suggest to write it in VB or segment it using multiple cells in order to avoid getting lost or confused.

don't forget to vote the answers and the questions to follow up and know the Right answers.

NICE QUESTION 

ANSWER 

Three

Form

IF =(LOGICAL_TEST;VALUE_IF_TRUE;VALUE_IF_FALSE)

1-Logical test "condition "

2-Value if condition true

3- Value if condition false

example

a2=12

a3=17

a4=15

=if(a2<15:"good";"excellent")

Then 

*- they can be incremented conditions by using functions such " and & or "

example 

=if(and(a2<15;a3<15);"good";"excellent")

=if(or(a2>=15;a3>15);"have excellent";"do not have excellent")

*- they can be incremented  many conditions and many results by using  if function

example

=if(a2<15;"good";if(a2<17;"very good";"excellent"))

and you can make more complicated formulas

thanks for invitation