Which of the following is the correct way to add custom excerpts length identifiers in WordPress?

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Which of the following is the correct way to add custom excerpts length identifiers in WordPress?
Answers:
1.      By adding excerpt_length filter in function.php
2.      Can’t declare custom excerpts in wordpress
3.      Custom exceprts are already available in wordpress

4.      Using the_excerpt(‘long’); or the_excerpt(‘short’)
GA
Gaurav Arora, Digital Media Lead. 10+ years running paid media and tracking for brands in the USA, UK and Canada.