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Dear @Mark Webb,
Thank you for posting your question in the Microsoft Q&A forum.
Based on your description, you are attempting to create dependent drop‑down lists in Excel Online using named ranges with formulas such as =INDIRECT(A1), but the formula is being rejected or not working as expected.
Have you tried to switch to Excel desktop app version to check whether the issue persists or not?
It would be helpful if you could share a screenshot of your data so I can better understand your scenario and provide more effective support.
In the meantime, based on a similar case posted by another user, you may refer to the following: Excel INDIRECT Function for Dropdown Issue in Online Version, Works Fine in Desktop
Looking forward to your update.