Use cell value in external data link URL?

I have successfully linked external data to my sheet using Insert > Link to External Data. However, the input is a static URL. Is there any way to link to external data with an URL based on cell values? E.g.

  • Insert > Link to External Data
  • Instead of typing example.org/index.html?code=ABC, type example.org/index.html?code=$Sheet1.A1

Try HYPERLINK spreadsheet function.