Excel: Calculate trading days between two dates

Yesterday a customer contacted us asking if our financial markets data Add-in could calculate the number of trading days between two dates. Unfortunately we don’t have this functionality as implementing it is not as easy as you may think.

You need to take into account weekends, which for most financial markets are Saturday and Sunday. Exceptions to this include several markets in the Middle East such as Saudi Arabia where the working week is Sunday to Thursday and the “weekend” is Friday and Saturday.

You also need to account for market holidays which are usually, although not always, also national holidays.

Fortunately Excel provides the NETWORKDAYS function, which:

Returns the number of whole working days between start_date and end_date. Working days exclude weekends and any dates identified in holidays.

This function can be used, together with a holiday lookup, to provide the functionality we need.

NETWORKDAYS function in Excel

In the example above we are using a holiday list lookup in column D together with the NETWORKDAYS function in cell B4 to compute the trading days between 21 July 2020 and 1 Dec 2020 for the US market.

The NETWORKDAYS function assumes that weekends are Saturday and Sunday. If you wish to specify a different weekend then you can use the NETWORKDAYS.INTL function.

Volatile Excel Functions

Today I was talking to a customer and his issue was a strange one which I hadn’t seen before.

Every time he changed ANYTHING on his spreadsheet he noticed that it would refresh unrelated formulas, i.e. formulas that did not reference the cells he was updating.

The main formula on his sheet was this:

=EPF.Yahoo.HistoricDatePeriod("AMD","Weekly","1 Jan 2020", TODAY(), "DESC", 1)

This is an Excel Price Feed dynamic array formula which returns weekly historical stock market data for AMD stock from 1 Jan 2020 to today.

This formula is non-volatile so should only update when any of its parameters change.

So, what was going on?

The culprit was actually one of the parameters: the Excel TODAY() function.

This built-in Excel function is a volatile function and will update ANYTIME ANYTHING on the spreadsheet changes.

What is a Volatile Function?

Microsoft defines a volatile function as follows:

…one whose value cannot be assumed to be the same from one moment to the next even if none of its arguments (if it takes any) has changed.


There are 8 built-in volatile Excel formulas, and it is worth being aware that using these in your spreadsheet could have unintended consequences:

  • NOW
  • INFO (depending on its arguments)
  • CELL (depending on its arguments)
  • SUMIF (depending on its arguments)

The Solution

The solution was simple, replace the TODAY() function with a string value of the current date. This could be either hardcoded into the formula or better still entered into a cell and referenced from the formula.

So, if you every notice your spreadsheet starting to slow-down or start doing unnecessary calculations then look out for volatile functions.