How can I use placeholders in favorites location, parameters, snippet text, etc.?

Placeholders are special codes between curly brackets {...} inserted in your favorites properties that are replaced with text that can be different each time you open a favorite. It can be used to insert dynamic or interactive text in a text Snippet. It allows to adapt the location or parameter of a folder, document or application favorite to various situations like the active folder in Windows Explorer, the selected document or the active window. Some placeholders can also be used in favorites name.

Placeholders are presented in two groups:

Location placeholders

Interactive or dynamic placeholders

See also How can I debug placeholders and user variables?