This article explains what an XLM file is and how to use it in Microsoft Excel.
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A file with the XLM file extension is an Excel 4.0 Macro file. Macros allow for automation so that repetitive tasks can be "played back" to save time and reduce the chance of errors.
This macro format was first added to Excel in v4.0, released in 1992. Newer Excel formats such as XLSM and XLTM are similar in that they can store macros, but unlike XLM files, they are actual spreadsheets that contain macros. An XLM file is a legacy format that is a macro file in itself.
Although Microsoft recommends that you stop using them (and even disables them by default), you can still open XLM files with Excel (see the steps below if you get an error).