Which tool allows users to create a custom formula in Alteryx?

The Formula Tool is designed specifically for creating custom calculations and expressions in Alteryx. This tool provides users with the ability to apply a wide range of functions and operators to their data fields, enabling them to manipulate data in various ways. Users can define new fields or modify existing ones by entering their custom formulas using a user-friendly interface that supports the integration of different data types, mathematical operations, and logical expressions.

This flexibility allows analysts to perform complex calculations that are tailored to their specific analytical needs, making it an essential tool for data preparation and transformation in Alteryx workflows. The ease of use and powerful functionality offered by the Formula Tool is what makes it the go-to choice for creating custom formulas.

Other options mentioned do not provide the same level of customization for creating formulas specifically.