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Shading or highlighting periods in Excel charts can help users quickly interpret and identify patterns. By highlighting every second month, users can visually see each period and focus on the line without referring back to the horizontal axis. This technique can also be used to highlight specific periods or dates in the chart. Setting up helper columns for the month and day can create a nested axis and formulas can be used to identify and list dates accordingly. This makes it easier to read and interpret the chart.