The formula used to create this dynamic named range is based on the OFFSET function:
Seedetailed explanation here.
The primary advantage of a dynamic named range is that the reference responds to changes.
If values are removed from the bottom of the list, the range contracts.
If values are added to the bottom of the list, the range expands.
The first way is to use a formula based on either the OFFSET or INDEX functions.
However, formulas that define dynamic named ranges can be difficult to understand.
See the links below for more information:
