Excel Web - Possible to create Workbook Links using INDIRECT function?

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I have seen questions on using INDIRECT to reference closed workbooks, but my case in excel web, where source workbook and destination workbook are both excel online/web and I would like to reference destination in source via workbook links.

Using workbook links as mentioned here works, but I am wondering if this link can be created dynamically using INDIRECT function since I need to form the destination link dynamically based on other values in the source sheet.

I believe unless the link is direct, its not possible to use indirect functions as workbook links, especially in Excel web? Please confirm or correct.

Thanks!

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