Take Album from Folder Name

Hi.

I wish for the Album field in mp3tag to come from the name of the Windows folder the file is in. For example ...

M:\Music\Flac\Oasis\Definitely Maybe\01. OASIS - Rock 'N' Roll Star.flac

The album field will pick up the name of the folder the flac files are in (in the above case, Definitely Maybe).

Action: Format Value
Field: ALBUM
Formatstring: %_directory%

And what if I wanted AlbumArtist to be named from the directory above that (Oasis in the example)?

%_parent_directory% instead of %_directory%

see here for Mp3tag's placeholders:
http://help.mp3tag.de/options_export.html

you can do it also in one go with the filename - tag converter.
Formatstring:

%albumartist%\%album%\%dummy%

or, if you also want to get the values from the filename:

%albumartist%\%album%\%track%. %artist% - %title%