I always define name for my formulas. They all worked well except this time.

As usual, using the menu bar (Insert | Name | Define), I gave the below
formula a name called TEST in the €œNames in workbook:€� inputbox within the
Define Name dialog box.

Refers To:
=IF(INDIRECT("C"&ROW())=0.65,"A",IF(INDIRECT("C"& ROW())<0.12,"C","B"))


Just like all other named formula, I would enter in a cell of its workbook
by preceeding the name with an equal sign =TEST. However, I get it returning
#VALUE! this time.

Whats wrong?

--
Edmund
(Using Excel XP)