InPerformance Analytics Formula Indicators, indicator references must followstrict syntax rules:

Indicator names must be enclosed insingle square brackets:[Indicator name]

Mathematical operators must be valid

Parentheses must be properly paired

Curly braces { } and double square brackets [[ ]] arenot validfor indicator references

Let’s evaluate each option:

Option A – IncorrectUses indicator nameswithout square brackets, which is invalid syntax.

Option B – IncorrectUsescurly braces { }, which are not supported for indicator references, and also has ambiguous operator precedence.

Option C – CorrectUses propersingle square brackets, valid arithmetic operators, and correctly nested parentheses. This is a common and documented formula pattern for calculating percentage improvement against a baseline.

Option D – CorrectUses valid square-bracket indicator references and proper arithmetic. Even though it is logically redundant, it issyntactically valid, which is what the question asks.

Option E – IncorrectUsesdouble square bracketsand mismatched braces { ), which is invalid syntax.