Dynamically calculated value, a source file field reference, or a constant can be assigned to a SharePoint column.

A constant can be typed in or a field related to the source file can be selected in the DropDown next to the SP column.
The special fields [Folder01], [Folder02] .. represents the name of the relative folder level to where the file in context is stored.

To dynamically calculate a value, use the expression/rule set, dialog box that relates to each metadata field line. (properties button)
The expression can use the build in functions or it can be a SQL statement for accessing external databases.
All fields related to the individual file in context ([File name], [Size], [Modified] etc. ) plus all system and user defined Parameters can be referenced in the expression.

The predefined set of rules can be used without coding. If specified the, the expression is evaluated first then the rule set.
Rules include Replace(), SubString(), Left(), Right() etc. and can be chained for building far more advanced data manipulation than possible with a single expression.

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