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Elemental Modifier?
Final Damage (Normal Damage + Additional Damage) * Cylinder Modifier * Elemental Modifier
What exactly is the elemental modifier therE?
It could possibly be related to Elementals, but others above were saying that it isn't affected by element. I've never seen the Elemental factor added into any skill's damage calculation though, as it is something completely unrelated to the skill itself, and instead applies to everything.
From my knowledge though, the discussion above wasn't completely correct, as wielding an element that is strong against another element, i.e. Fire vs Ice, will result in a damage increase based on the elemental factors of both combatants.
For example: Suppose a player decides to wear 3 articles of clothing enchanted with Fire, and faced a monster that is inherently 22% ice element. The 3 articles of fire add 33% of damage to flame burst's damage, and then, because the monster is only 22% ice, only 22% of that extra damage is -actually- added on. I don't know if elemental skills add an additional elemental factor to an attack, but if it does, then I would assume it adds 11% (the value of one elemental) to the attack. However, it might be the case that elemental skills have a set elemental value, and completely overrides the equipped elementals. I am leaning towards the latter assumption of overriding the equipped elementals in calculating damage boost/reduction.
I have not tested this, I do not plan to test it, and I have not personally seen any validated arguments whether elemental skills are factored in with the equipped elementals, or whether they override the equipped elementals in determining the element of the attack. I am pretty sure that the elemental factor does make a difference though, because that is why one can hot-air balloon with 9/9 items ice enchanted, but still deal damage with firebolt.
Elementals don't affect magic or alchemy is why you can balloon with 9 items and still deal damage with firebolt.
Does element really have no effect whatsoever, or is it just that magic and alchemy skills have a set amount of each specific element, and ignore equipped elementals?
If it's not talking about the bonus from elemental combat, then I really have no idea what it's talking about.