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To customize a chart in Excel, click on the chart and then on the plus sign to access various elements such as title, axis titles, data labels, data table, error bars, gridlines, and legend. You can change the title and axis titles as needed, display data values as labels or in a table, add error bars for accuracy, show or hide gridlines, and specify the series in the legend. This allows for a more informative and visually appealing chart presentation.