I am getting a hard time understanding guidata. I read many articles about it on mathworks site as well as other sites, but either none of them have explained it properly or I couldn't understand it:(. Can anybody please explain me in DETAIL about what guidata in simple words and is how it works and if possible please cite some EXAMPLE to explain it.
guidata stores a variable in the figure's ApplicationData and obtains it from there also. This is useful to store any data which belongs to a specific figure. guidata can be used to share variables between different callbacks.
Did you read doc guidata already?
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