Rick,

Thanks for the reply, although this doesn't give the same answer as I get
going the long way.

Is this part of the expression (MAX($A$5:$A$6,A7:A20)) correct?

Steve




"Rick Rothstein (MVP - VB)" wrote in
message ...
I think this formula will give you the summation directly...

=SUMPRODUCT((A7:A20/(MAX($A$5:$A$6,A7:A20))-1)^2)

Rick


"Steve" wrote in message
...
I have a column (A) of stock prices. In the next column I copy down the
formula:

=(A7/(MAX($A$5:A7))-1)^2
all the way to
=(A57/(MAX($A$5:A57))-1)^2

I then sum the new column (B) of values before further computations (you
may recognize this as "Drawdown squared" leading to the "Ulcer Index").

My question is: Can I miss out column B and go directly from the list of
stock prices to the summation of the values for drawdown squared? I tried
to make this into some sort of array, without success.

Steve