Are Excel linked paths relative or absolute?

Let's say I have a group of XLS files in a folder, and I want to link the tabular data in them to a new XLSX so I can graph it.

If I move the entire folder to a different path, computer or storage device, can I expect the links to still work? Are there any special settings or techniques I should be aware of to make this possible?

Solution 1:

Both. Excel deliberately stores both the relative and the absolute path of linked items in order to try and find the linked items when the file is opened.

When you open a file, Excel will first try the relative path to find the file. If this fails, it will then try the absolute path to the file. If this succeeds, Excel will update the relative path on the document when you next save.

If Excel cannot find the file either via the relative or the absolute file path, then the item becomes unlinked.