I found the formula below some place and I am trying to
understand the logic behind it. It finds duplicate entries
in a column. If anyone would like to give me a hand in
understanding it I would appreciate it. I am a beginner in
the fomula creation world and I think by understanding
other people's logic it will help me as I develope my own
formulas.

=IF(MAX(COUNTIF(INDIRECT("A2:A"&(MAX((A2:A500<"") *ROW
(A2:A500)))),INDIRECT("A2:A"&(MAX((A2:A500<"")*RO W
(A2:A500))))))1,"Duplicates","No Duplicates")

Thanks