The range  will not always start in row 1; perhaps a
more descriptive syntax would be:

MaxOf (TargetColumn, ColumnCellsToLookBack)

So, if the formula is copied down a column, you would
get the maximum of the last four (4) cells.

By making "ColumnCellsToLookBack" a fixed reference at
the top of the column, you might change the "look back",
from 2 to 100 (or however many) cells desired.