I have never had any problem with circular reference errors unless my UDF
was actually doing a circular reference. I doubt it has anything to do
with application.Caller.

If you are trying to build some kind of running total where a cell adds a
value to its current value, that isn't allowed in regular formulas or in
UDF's - unless you enable iteration.

--
Regards,
Tom Ogilvy

"Conceptor" wrote in message
...
Well, almost like a charm.

When you use the cell.text property, it works like a
charm, but not in all cases (formatting). When I use the
proper cell.value property, I get error messages
concerning circular references and that Excel cannot
recalculate nor display these circular references. This
error appears only when an automatic recalculation due to
XLA linkage triggers before the workbook_open event.

Any idea what this circular reference message means?
C.