When you enter or edit a formula (formula: A sequence of values, cell references, names, functions, or operators in a cell that together produce a new value. A formula always begins with an equal sign (=).), cell references and the borders around the corresponding cells are color-coded.

Color-coded cell references
If there are no squares at each corner of the color-coded border, then the reference is to a named (name: A word or string of characters that represents a cell, range of cells, formula, or constant value. Use easy-to-understand names, such as Products, to refer to hard to understand ranges, such as Sales!C20:C30.) range.
Change references that are not a named range
- Double-click the cell that contains the formula you want to change. Microsoft Excel highlights each cell or range of cells with a different color.
- Do one of the following:
- To move a cell or range reference to a different cell or range, drag the color-coded border of the cell or range to the new cell or range.
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To include more or fewer cells in a reference, drag a corner of the border.
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In the formula, select the reference, and type a new one.
- Press ENTER or CTRL+SHIFT+ENTER for an array formula (array formula: A formula that performs multiple calculations on one or more sets of values, and then returns either a single result or multiple results. Array formulas are enclosed between braces { } and are entered by pressing CTRL+SHIFT+ENTER.).
Change references to a named range
- Do one of the following:
- On the Insert menu, point to Name, and then click Apply.
- In the Apply names box, click one or more names.